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The European, Middle Eastern and African Antitrust Review 2017
The European, Middle Eastern and African Antitrust Review 2017 Published by Global Competition Review in association with AEQUO Law Firm FBC – Fischer Behar Chen Well Posavec, Rašica & Liszt AlixPartners Orion & Co Quinn Emanuel Urquhart & Sullivan, Anjarwalla & Khanna Fréget Tasso De Panafieu AARPI LLP Baker Botts LLP Freshfields Bruckhaus Deringer LLP RCAA – Reysen Competition Advice bpv Braun Partners Gide Loyrette Nouel & Advocacy bpv Hügel Rechtsanwälte Haver & Mailänder RPC Bruun & Hjejle Herbert Smith Freehills LLP Shearman & Sterling LLP Cadwalader, Wickersham & Taft LLP Hogan Lovells Simonsen Vogt Wiig AS Cooley Kellerhals Carrard Vieira de Almeida & Associados Covington & Burling King & Wood Mallesons Willkie Farr & Gallagher LLP Crowell & Moring LLP Kramer Levin Naftalis & Frankel LLP WilmerHale Distefano Law Office Morgan Lewis & Bockius UK LLP DLA Piper Motieka & Audzevicˇius Dryllerakis & Associates Norton Rose Fulbright LLP ELIG, Attorneys-at-Law OPPENLÄNDER Rechtsanwälte Fatur LLC Popovici Nit¸u Stoica & Asociat¸ii GCR GLOBAL COMPETITION REVIEW www.globalcompetitionreview.com © Law Business Research 2016 European Union: Financial Services Vincent Brophy and Tom Bainbridge Cadwalader, Wickersham & Taft LLP In recent years, the financial services sector has been subject to LIBOR fixing, it quickly became apparent that antitrust regulators increased antitrust scrutiny in the EU. Perhaps surprisingly, this is would also need to act. Since then there has been a flurry of allega- very new. tions and investigations by both financial and antitrust regulators Indeed, EU competition enforcement in the financial services across asset classes, including credit default swaps, interest rate sector had previously focused mainly on the areas of state aid and derivatives, foreign exchange, precious metals and bonds. merger control – and not much else. -
East and Middle East Meet the West Wing
Breakthrough Insights ● Information Advantage On TAP 3 April 2017 The Administration Project powered by DELVE East And Middle East Meet The __________________________ West Wing Jeff Berkowitz Founder and CEO [email protected] What’s inside: Matt Moon Executive Vice President [email protected] The Issue in Brief .................................................................................... 2 David Selman What's On TAP for Banking and Finance? .............................................. 4 Senior Vice President [email protected] What's On TAP for Foreign Policy? ......................................................... 5 Foster Morss What’s On TAP for Defense? .................................................................. 6 Vice President, Research [email protected] What's On TAP for Economic Growth? ................................................... 7 What’s On TAP for Energy and Environment? ...................................... 10 What's On TAP for Healthcare? ............................................................ 12 What's On TAP for Education? ............................................................. 13 What's On TAP for Justice? .................................................................. 13 A comprehensive listing of Administration appointees can be viewed at the TAP webpage www.delvedc.com/administration-key-players which our team of analysts will keep updated with each week’s personnel announcements. www.delvedc.com Competitive Intelligence for Public Affairs The Administration Project (TAP) is Delve’s -
Executive Branch
EXECUTIVE BRANCH THE PRESIDENT DONALD J. TRUMP, 45th President of the United States; born in Queens, NY, June 14, 1946; graduated from New York Military Academy in Cornwall, NY, in 1964; received a bachelor of science degree in economics in 1968 from the Wharton School of the University of Pennsylvania in Philadelphia, PA; joined Trump Management Company in 1968; became president of the Trump Organization in 1971 until 2016, when elected President of the United States; family: married to Melania; five children: Donald Jr., Ivanka, Eric, Tiffany, and Barron; nine grandchildren; elected as President of the United States on November 8, 2016, and took the oath of office on January 20, 2017. EXECUTIVE OFFICE OF THE PRESIDENT 1600 Pennsylvania Avenue, NW., 20500 Eisenhower Executive Office Building (EEOB), 17th Street and Pennsylvania Avenue, NW., 20500, phone (202) 456–1414, http://www.whitehouse.gov The President of the United States.—Donald J. Trump. Deputy Assistant to the President and Director of Oval Office Operations.—Jordan Karem. Executive Assistant to the President.—Madeleine Westerhout. OFFICE OF THE VICE PRESIDENT phone (202) 456–1414 The Vice President.—Mike Pence. Assistant to the President and Chief of Staff to the Vice President.—Nick Ayers. Assistant to the President and National Security Advisor to the Vice President.—Keith Kellogg. Deputy Assistants to the President and Deputy Chiefs of Staff to the Vice President: Jarrod Agen, John Horne. Deputy Assistant to the President and Chief of Staff to Mrs. Karen Pence.—Jana Toner. Deputy Assistant to the President and Domestic Policy Director to the Vice President.— Steve Pinkos. -
Tax Reform Lite the First 100 Days & the Narrow Road Ahead
Deutsche Bank Tax Reform Lite The First 100 Days & the Narrow Road Ahead May 2017 Tom Joyce Frank Kelly Hailey Orr Mariya Getsova CIB Capital Markets Strategist Head of US Government Affairs CIB Capital Markets Strategist CIB Capital Markets Strategist The Trump Trade Markets Since the US Election Deregulation Tax Reform Infrastructure ACA Repeal S&P 500 Financials Russell 2000 US Cyclical Index S&P 500 Healthcare 1450 1900 425 Transition First 100 Days 880 1350 375 1700 830 1250 +12.6% +4.3% +15.3% +2.2% +12.1% +4.5% +2.6% +7.4% 325 1150 1500 780 08-Nov 20-Jan 29-Apr 20-Jan 08-Nov 29-Apr 08-Nov 20-Jan 29-Apr 08-Nov 20-Jan 29-Apr Equity Bank Index S&P 500 DB Infrastructure Index S&P 500 Pharmaceuticals 320 2100 640 2400 260 2300 1800 590 2200 +5.8% +5.3% +20.8% +2.6% +12.8% +2.5% +1.6% +6.1% 200 2100 1500 540 08-Nov 20-Jan 29-Apr 08-Nov 20-Jan 29-Apr 08-Nov 20-Jan 29-Apr 08-Nov 20-Jan 29-Apr IG Fin Credit Spreads NASDAQ Heavy Building Materials Medical Devices 140 6200 400 21500 130 5800 350 20000 120 5400 300 18500 (-9 bps) (-13 bps) +6.7% +9.2% +14.5% (-3.9%) +1.4% +13.4% 110 5000 250 17000 08-Nov 20-Jan 29-Apr 08-Nov 20-Jan 29-Apr 08-Nov 20-Jan 29-Apr 08-Nov 20-Jan 29-Apr Deutsche Bank Source: Bloomberg. -
Financial Services
European Union: Financial Services Vincent Brophy and Tom Bainbridge Cadwalader, Wickersham & Taft LLP In recent years, the financial services sector has been subject to LIBOR fixing, it quickly became apparent that antitrust regulators increased antitrust scrutiny in the EU. Perhaps surprisingly, this is would also need to act. Since then there has been a flurry of allega- very new. tions and investigations by both financial and antitrust regulators Indeed, EU competition enforcement in the financial services across asset classes, including credit default swaps, interest rate sector had previously focused mainly on the areas of state aid and derivatives, foreign exchange, precious metals and bonds. merger control – and not much else. In the current post-crisis scenario, banks, having paid out vast In state aid, the European Commission (the Commission) has sums in fines, are starting to demonstrate a heightened awareness long used its powers in the financial services sector just like in any of the importance of antitrust law compliance. Evidence of this can other. There was, naturally, a surge in cases between 2007 and 2015 be seen in: more internal investigations with an antitrust angle; an generated by the financial crisis.1 The restructuring or liquidation increase in immunity applications and self-reporting to regulators; of around 117 European banks during this period required policing and a renewed interest in in-house training. Those are positive and procedural innovation by the Commission,2 but the substance developments, which should help to improve the future conduct was not new. of employees. Similarly, the Commission has long exercised its merger control However, the full extent of antitrust enforcement by the powers in the financial services sector. -
Senate Rejects Articles of Impeachment CFPB to Act on Small
In classic Greek mythology, a golden apple of discord inscribed "For the fairest" was awarded to Aphrodite, beginning a chain of events that led to the Trojan War. GrayRobinson's newsletter reports on the most recent issues, individuals, and discourse deemed fairest in Washington. February 7, 2020 Sometimes you need to call in the experts. Rumor has it that the Count is already on retainer with the Broward County Board of Elections for November . Senate rejects articles of impeachment We assume you already know this, but for the record, the Senate voted on Wednesday against the two articles of impeachment presented by the House of Representatives. The Senate voted 48-52 against the first article, charging that President Donald Trump had abused his power by withholding Congressionally approved aid from Ukraine for his own political goals. It voted 47-53 against the second article, charging that the President had obstructed justice in the House’s investigation. CFPB to act on small-dollar rule in April, says Kraninger Kathy Kraninger, Director of the Consumer Financial Protection Bureau, appeared before the House Financial Services Committee on Wednesday to present the Bureau’s semi- annual report to Congress. The hearing was long and often contentious, as Chairwoman Maxine Waters (D-CA) and other Democrats criticized the Bureau’s recent policy statement on the definition of “abusiveness” under Dodd-Frank and the reduction in the number of enforcement actions. Kraninger said that her priority was to prevent harm to consumers by building a culture of compliance and supporting free, competitive markets. She said the Bureau will approve a final rule on small-dollar lending in April and is actively seeking comments on approaches to replace the qualified mortgage (QM) patch when it expires. -
Memorandum of Law in Support of Lead Counsel’S Motion for Award of Attorneys’ Fees and Payment of Litigation Expenses
Case 1:14-cv-07126-JMF-OTW Document 614 Filed 03/30/18 Page 1 of 38 UNITED STATES DISTRICT COURT SOUTHERN DISTRICT OF NEW YORK ALASKA ELECTRICAL PENSION FUND, et al., Plaintiffs, Lead Case No.: 14-cv-7126 (JMF) v. BANK OF AMERICA, N.A., et al., Defendants. MEMORANDUM OF LAW IN SUPPORT OF LEAD COUNSEL’S MOTION FOR AWARD OF ATTORNEYS’ FEES AND PAYMENT OF LITIGATION EXPENSES Case 1:14-cv-07126-JMF-OTW Document 614 Filed 03/30/18 Page 2 of 38 TABLE OF CONTENTS Page INTRODUCTION ...........................................................................................................................1 ARGUMENT ...................................................................................................................................3 I. THE WORK UNDERTAKEN BY LEAD COUNSEL SUPPORTS THE REQUESTED FEE ..............................................................................................................3 A. Pre-Appointment Case Investigation and Initial Complaints ..................................4 B. Pleadings and Motions to Dismiss ...........................................................................7 C. Discovery .................................................................................................................8 D. Class Certification and Expert Work .....................................................................11 1. Professor Craig Pirrong..............................................................................12 2. Compass Lexecon ......................................................................................12 -
WORLD COMPETITION Law and Economics Review Published By: Kluwer Law International B.V
WORLD COMPETITION Law and Economics Review Published by: Kluwer Law International B.V. PO Box 316 2400 AH Alphen aan den Rijn The Netherlands Website:www.wklawbusiness.com Sold and distributed in North, Central and South America by: Wolters Kluwer Legal & Regulatory U.S. 7201 McKinney Circle Frederick, MD 21704 United States of America Email: [email protected] Sold and distributed in all other countries by: Turpin Distribution Services Ltd. Stratton Business Park Pegasus Drive, Biggleswade Bedfordshire SG18 8TQ United Kingdom Email: [email protected] World Competition is published quarterly (March, June, September and December). Print subscription prices, including postage (2016): EUR 725/USD 967/GBP 532. Online subscription prices (2016): EUR 670/USD 895/GBP 492. World Competition is indexed/abstracted in the European Legal Journals Index. Printed on acid-free paper. ISSN 1011-4548 © 2016 Kluwer Law International BV, The Netherlands All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise, without written permission from the publisher. Permission to use this content must be obtained from the copyright owner. Please apply to: Permissions Department, Wolters Kluwer Legal & Regulatory U.S., 76 Ninth Avenue, 7th Floor, New York, NY 10011-5201, USA. Email: [email protected] Printed in the United Kingdom. Editor José Rivas Author Guide Associate Editor Pierre Welch [A] Aim of the Journal Book Review Editor Ioannis Lianos & Despoina Mantzari World Competition aims to examine all aspects of competition policy from, primarily, a legal perspective, but also from an economic Publisher Simon Bellamy point of view. -
United States District Court Southern District of New York
Case 1:16-cv-03711-ER Document 667 Filed 12/28/20 Page 1 of 10 UNITED STATES DISTRICT COURT SOUTHERN DISTRICT OF NEW YORK x In re SSA BONDS ANTITRUST : Civil Action No. 1:16-cv-03711-ER LITIGATION : : CLASS ACTION : This Document Relates To: : DECLARATION OF DAVID W. MITCHELL : FILED ON BEHALF OF ROBBINS GELLER ALL ACTIONS. : RUDMAN & DOWD LLP IN SUPPORT OF x APPLICATION FOR AWARD OF ATTORNEYS’ FEES AND EXPENSES 4840-6165-0644.v1 Case 1:16-cv-03711-ER Document 667 Filed 12/28/20 Page 2 of 10 I, DAVID W. MITCHELL, declare as follows: 1. I am a member of the firm of Robbins Geller Rudman & Dowd LLP (“Robbins Geller” or the “Firm”). I am submitting this declaration in support of my Firm’s application for an award of attorneys’ fees, expenses and charges (“expenses”) in connection with services rendered in the above-entitled action (the “Litigation”). 2. This Firm is Co-Lead Counsel of record for Class Plaintiffs Alaska Department of Revenue, Treasury Division, Alaska Permanent Fund Corporation, Iron Workers Pension Plan of Western Pennsylvania, Sheet Metal Workers Pension Plan of Northern California, and the Settlement Classes herein. 3. The information in this declaration regarding the Firm’s time and expenses is taken from time and expense reports and supporting documentation prepared and/or maintained by the Firm in the ordinary course of business. I am the partner who oversaw and/or conducted the day-to- day activities in the Litigation and I reviewed these reports (and backup documentation where necessary or appropriate) in connection with the preparation of this declaration. -
Nominations of Kathleen Laura Kraninger and Kimberly A. Reed Hearing
S. HRG. 115–348 NOMINATIONS OF KATHLEEN LAURA KRANINGER AND KIMBERLY A. REED HEARING BEFORE THE COMMITTEE ON BANKING, HOUSING, AND URBAN AFFAIRS UNITED STATES SENATE ONE HUNDRED FIFTEENTH CONGRESS SECOND SESSION ON NOMINATIONS OF: KATHLEEN LAURA KRANINGER, OF OHIO, TO BE DIRECTOR, BUREAU OF CONSUMER FINANCIAL PROTECTION KIMBERLY A. REED, OF WEST VIRGINIA, TO BE PRESIDENT, EXPORT–IMPORT BANK JULY 19, 2018 Printed for the use of the Committee on Banking, Housing, and Urban Affairs ( Available at: http://www.govinfo.gov/ U.S. GOVERNMENT PUBLISHING OFFICE 32–318 PDF WASHINGTON : 2018 VerDate Nov 24 2008 11:22 Oct 12, 2018 Jkt 046629 PO 00000 Frm 00001 Fmt 5011 Sfmt 5011 L:\HEARINGS 2018\07-19 NOMINATIONS\HEARING\71918.TXT JASON COMMITTEE ON BANKING, HOUSING, AND URBAN AFFAIRS MIKE CRAPO, Idaho, Chairman RICHARD C. SHELBY, Alabama SHERROD BROWN, Ohio BOB CORKER, Tennessee JACK REED, Rhode Island PATRICK J. TOOMEY, Pennsylvania ROBERT MENENDEZ, New Jersey DEAN HELLER, Nevada JON TESTER, Montana TIM SCOTT, South Carolina MARK R. WARNER, Virginia BEN SASSE, Nebraska ELIZABETH WARREN, Massachusetts TOM COTTON, Arkansas HEIDI HEITKAMP, North Dakota MIKE ROUNDS, South Dakota JOE DONNELLY, Indiana DAVID PERDUE, Georgia BRIAN SCHATZ, Hawaii THOM TILLIS, North Carolina CHRIS VAN HOLLEN, Maryland JOHN KENNEDY, Louisiana CATHERINE CORTEZ MASTO, Nevada JERRY MORAN, Kansas DOUG JONES, Alabama GREGG RICHARD, Staff Director MARK POWDEN, Democratic Staff Director ELAD ROISMAN, Chief Counsel JOE CARAPIET, Senior Counsel KRISTINE JOHNSON, Economist ELISHA TUKU, -
Rosa Abrantes-Metz CV
Rosa M. Abrantes-Metz Principal The Brattle Group 7 Times Square Suite 1700 Rosa.Abrantes- +1.646.276.8698 New York, NY 10036 [email protected] Dr. Rosa M. Abrantes-Metz is a Principal at The Brattle Group based in New York City. She Co-Chairs Brattle’s Global Antitrust & Competition Practice, and previously co- Chaired the Technology Practice. She has over two decades of experience specializing in antitrust, securities, and financial regulation, including work in consulting and banking, as well as in government. Her main areas of specialization are econometrics and statistics, industrial organization, and monetary and financial economics. Dr. Abrantes-Metz has a particular expertise involving the intersection between alleged market manipulations and competition issues, including alleged coordinated conduct. Dr. Abrantes Metz is a former adjunct associate professor at Leonard N. Stern School of Business, New York University, where she taught money and banking, financial institutions and the financial crisis, industrial economics, and econometrics for MBA’s. She is a former Lecturer for honors econometrics at the department of economics at the University of Chicago, and various other fields of economics at Universidade Católica Portuguesa, in Lisbon, Portugal. Dr. Abrantes-Metz’s work is regularly featured in the media such as The Wall Street Journal, Financial Times, The Economist, CNNMoney, CNBC, Forbes, Bloomberg, Fox Business, BusinessWeek, Washington Post, Huffington Post, Reuters, Crain’s, Risk Magazine, Investor’s Business Daily, L’Agefi Hebdo, Les Temps, Le Monde, Bloomberg TV, Sky News TV, BNN-Bloomberg TV, BBC Radio, and BBC TV. She also contributes with Opinion Articles to several of these outlets. -
Consumer Finance Monitor (Season 3, Episode 50): an Introduction to Real-Time Payments Speakers: Alan Kaplinsky, Kate Berry
Consumer Finance Monitor (Season 3, Episode 50): An Introduction to Real-Time Payments Speakers: Alan Kaplinsky, Kate Berry Alan Kaplinsky: Welcome to the Consumer Finance Monitor Podcast, where we explore important new developments in the world of consumer financial services and what they mean for your business, your customers, and the industry. I'm your host, Alan Kaplinsky, and I share the Consumer Financial Services group at Ballard Spahr. For those of you who want even more information about, I'm sure, some of the topics we'll be talking about today, I would refer you to our blog. Which also goes under the name of Consumer Finance Monitor. We've been doing our blog since 2011, actually when the CFPB first started operating. And every day, literally, new articles are being posted on our blog. And our podcast, we've now been doing for a little over two years, and you can get it anywhere... On our website, ballardspahr.com, or wherever you regularly get your podcasts. It is there. So, I'm really pleased today to have as our guest, Kate Berry. Kate, I've known for a long time. She is a reporter with the American Banker, and she has covered the 2007, 2008 financial crisis, mortgage lenders, major US banks including Wells Fargo. Her current beat, and I think it's been her beat for a while, and she'll correct me if I'm wrong in a minute, is covering everything that goes on at the Consumer Financial Protection Bureau, or as we affectionately call it, the CFPB.