Our Curious Amalgam

Merger control analysis and clearance worldwide is becoming ever more difficult, complex and uncertain, with Illumina/Grail perhaps the standout recent example. Following the previous episode on this case (#141: A Power Grab Too Far? The European Commission Extends Its Merger Control Reach), what developments have there been and what can we learn from them? Philippe Chappatte, partner at Slaughter and May, who has been acting for Illumina, joins Matthew Hall and Jeny Maier to discuss the merger control investigations into Illumina's acquisition of Grail in the EU and US. Listen to this episode to learn more about the substantive and procedural issues raised by the case and practical points it raises. With special guest: Philippe Chappatte, partner, Slaughter and May Related Links: Our Curious Amalgam, Episode #141, A Power Grab Too Far? The European Commission Extends Its Merger Control Reach Philippe Chappatte and Poppy Smith, The 27-Stop Shop?: The EU Commission’s unprecedented power grab in merger control Philippe Chappatte and Josephine Rabinowitz, Illumina/Grail: All Eyes on the General Court European Commission press release 6 September 2022 "Mergers: Commission prohibits acquisition of GRAIL by Illumina" European Commission Illumina/Grail merger investigation case page European Commission Article 22 guidance 26 March 2021 EU General Court judgment 13 July 2022 Illumina v European Commission (appeal on Article 22 EU Merger Regulation referral) Illumina appeal of EU General Court judgment 13 July 2022 Hosted by: Matthew Hall, partner, McGuireWoods London LLP and Jeny Maier, partner, Axinn, Veltrop & Harkrider LLP

Vertical mergers present unique doctrinal and economic issues and are rarely challenged in court, so when two vertical merger opinions are issued in a short period of time, it is a great opportunity to check in on this area of antitrust law. What are the facts and legal arguments that led to defense victories in the recently litigated UnitedHealth Group – Change Healthcare and Illumina – Grail mergers (currently under appeal)? Sara Razi, Partner at Simpson Thacher and counsel for Change, joins Sergei Zaslavsky and Jaclyn Phillips to discuss these important cases. Listen to this episode to learn more about these two cases and the important lessons they hold for merger litigation practitioners. With special guest: Sara Razi, Partner, Simpson Thacher & Bartlett LLP Related Links: UnitedHealth Group - Change Healthcare district court opinion Illumina - Grail administrative law judge opinion Hosted by: Sergei Zaslavsky, Partner, O'Melveny & Myers LLP and Jaclyn Phillips, Associate, White & Case LLP

In November 2022, the FTC issued a policy statement concerning the scope and meaning of unfair methods of competition under Section 5 of the FTC Act. So what has changed under Section 5 and where are we headed? Angela Landry, counsel at Freshfields, joins Christina Ma and Jaclyn Phillips to discuss Section 5, how the FTC's approach has changed with its 2022 statement, and what we might see as it gets put into practice. With special guest: Angela Diveley Landry, Counsel, Freshfields Bruckhaus Deringer US LLP Related Links: https://blog.freshfields.us/post/102i1jq/ftc-seeks-to-revive-prohibitions-against-unfair-competition https://www.ftc.gov/system/files/ftc_gov/pdf/P221202Section5PolicyStatement.pdf https://www.ftc.gov/system/files/ftc_gov/pdf/P221202Section5PolicyWilsonDissentStmt.pdf Hosted by: Christina Ma, Partner, Wachtell, Lipton, Rosen, & Katz and Jaclyn Phillips, Associate, White & Case LLP

In the American political system, the judiciary serves as an impartial, independent branch of government responsible for interpreting our laws and deciding cases and controversies. Even with these foundational principles, how do we ensure public trust in the institution? Sixth Circuit Court of Appeals Judge Bernice Donald joins Kayla Odom and Alicia Downey to reflect on the public perception of the role of the judiciary. Listen in to hear what shapes our understanding of the courts, and what the judiciary can do to ensure public confidence in the administration of justice. With special guest: Hon. Bernice B. Donald, U.S. Court of Appeals for the Sixth Circuit Related Links: Bernice B. Donald and Don R. Willett – How to counter today’s tribalism and build ‘a more perfect union’ – Sept. 16, 2022 Press Release, Federal appeals court judge Bernice Donald to receive Sandra Day O’Connor Award for outstanding contributions to justice – Aug. 31, 2022 Hosted by: Alicia Downey, Downey Law LLC and Kayla Odom, Corporate Counsel, Renesas

Latin America is an increasingly important region for antitrust enforcement. Are there similarities across the region and with other parts of the world? Julián Peña, partner at Allende & Brea, joins Anant Raut and Matthew Hall to discuss LATAM antitrust history and trends. Listen to this episode to learn more about antitrust in Latin America, how it developed and how to approach it. With special guest: Julián Peña, partner, Allende & Brea, Buenos Aires Related Links: Competition Law in Latin America is Facing New Challenges Hosted by: Matthew Hall, partner, McGuireWoods London LLP and Anant Raut, Antitrust and Privacy Law Expert

The world of antitrust and consumer protection law is made up of fascinating people, including Rahul Rao, the newest Deputy Director of the Federal Trade Commission's Bureau of Competition. How did he go from Big Law associate, to stay-at-home dad, to the Washington state AG's office, and now the FTC? Hosts Alicia Downey and Jeny Maier talk with Deputy Director Rao about his unique career path from private practice to government service, his past and current enforcement priorities, and his advice for up and coming practitioners. Listen to this episode to learn about one lawyer's pathway to a rewarding career in public service. With special guest: Rahul Rao, Deputy Director, Bureau of Competition, Federal Trade Commission Related Links: Washington State Attorney General’s Office, No-Poach Initiative Report Press Release, Washington State Attorney General's Office, "Lasting impact: Study finds AG Ferguson’s no-poach initiative boosted income for low-wage workers nationwide" Hosted by: Alicia L. Downey, Downey Law LLC and Jeny Maier, Axinn, Veltrop & Harkrider LLP

Web3 is being touted as the future of the internet. The vision for this new version of the web revolves around the notion of decentralization, driven by blockchain-based technologies including cryptocurrencies and NFTs. User privacy is central to these advances, but what does all of this mean for decentralized finance compliance and identity verification? How does a small tech company navigate the overlapping web of privacy, competition, and other regulations? And what are the implications for user data access? In this episode, co-hosts Elyse Dorsey and Jana Seidl speak with Matt McGuire, General Counsel of Violet, about all things Web3, crypto, and privacy, including what’s happening with the California Privacy Protection Agency’ CPRA implementation. With special guest: Matt McGuire, General Counsel, Violet Related Links: CPPA Rulemaking Matt McGuire, Violet Comments to CPPA Where’s Ooki? CFTC’s Lawsuit Delivery Via Chatbox Raises Eyebrows Violet Hosted by: Elyse Dorsey and Jana Seidl

The U.S. health care industry is complex and dynamic, resulting in antitrust issues that are just as complex. So what does the past decade of the intersection of antitrust and health care signal about the future? John Carroll and Amy Ritchie speak with Christina Ma and Jaclyn Phillips about these issues and the comprehensive update to the ABA's Health Care Handbook. Listen to this episode to learn more about the ACA, managed care, labor markets, and more. With special guests: John Carroll, Partner, Sheppard Mullin and Amy Ritchie, Attorney, Bureau of Competition at Federal Trade Commission Related Link: Antitrust Health Care Handbook, Fifth Edition  Hosted by: Christina Ma, Wachtell, Lipton, Rosen, & Katz and Jaclyn Phillips, White & Case LLP

In recent congressional testimony, FTC Chair Lina Khan definitively declared that there is no ESG antitrust exemption. How can companies avoid violating the antitrust laws while still complying with demands from their shareholders and other constituents to conduct business consistent with policies that are environmentally and socially sensitive, and promote good public policy? David Shaw, a partner at Morrison & Foerster, and Derek Jackson, an associate at Cohen & Gresser, join Christina Ma and Melissa Maxman to discuss the intersection between ESG and the Sherman Act. Listen to this episode to learn more about whether existing antitrust exemptions, such as Noerr-Pennington, can affect business decisions about ESG. With special guests: David J. Shaw, Partner, Morrison & Foerster and Derek Jackson, Associate, Cohen & Gresser LLP Related Links: Jens Hackl, Sustainability and Antitrust – What Companies Need to Know About Sustainability Collaborations in Europe (Feb. 28, 2022) The ESG Movement and Its Impact on Antitrust Compliance (July 7, 2022) Oversight of Federal Enforcement of the Antitrust Laws, Subcommittee on Competition Policy, Antitrust, and Consumer Rights, Senate Judiciary Committee (Sept. 20, 2022) (note that discussion of ESG starts with questions from Sen. Hawley at 1:58:54 through 2:00:02 and picks up again with questions from Sen. Cotton at 2:02:42 through 2:05:35.) 3rd Circ. Won't Revive Shell Egg Buyers' Antitrust Suit  Hosted by: Christina C. Ma, Partner, Wachtell, Lipton, Rosen & Katz and Melissa H. Maxman, Partner, Cohen & Gresser, LLP

Mexico's Federal Economic Competition Commission (COFECE) is an autonomous agency responsible for competition law enforcement, policy and advocacy nationwide. At the same time, an entirely separate agency—the Federal Telecommunications Institute (IFT)—has jurisdiction to enforce the competition laws in the telecommunication and broadcasting sectors. How do the two agencies determine where one agency's jurisdiction ends and the other agency's begins? Marta Loubet, a competition lawyer based in Mexico City, joins Alicia Downey and Sarah Zhang to discuss the origins of the jurisdictional divide between COFECE and IFT, its relationship to COFECE’s ongoing digital markets initiatives, and what changes the future may bring. Listen to this episode to learn more about a unique and important feature of the Mexican competition regime. With special guest: Marta Loubet, White & Case LLP Related Links: Henry Capin-Gally, Germán Macías, Marta Loubet, Román González Melo, Mexico: An introduction to Competition (Chambers & Partners 2022) COFECE Website IFT Website Hosted by: Alicia L. Downey, Downey Law LLC and Sarah Zhang, Baker Botts LLP