Antitrust / Competition

We act for defendants and complainants on contentious issues worldwide. We have particular expertise on coordinating cartel investigations and behavioural cases across different jurisdictions.

Recent examples include advising:

• Google in relation to the Article 102 investigations by the European Commission into its search and advertising practices, including its successful appeal against the Commission’s AdSense decision.
• JP Morgan Chase in relation to the European Commission’s investigation into trading on the foreign exchange market.
• Platts on the European Commission’s investigation into the manipulation of published prices for a number of oil and biofuel products.

We also advise on a wide range of other antitrust matters, including commercial agreements, pricing (especially by companies with strong market positions), distribution, licensing and supply agreements. We also help clients to establish and maintain compliance programmes, including providing training on how to deal with dawn raids.

Our competition litigation practice is preeminent: we are advising on the largest standalone and follow-on damages claims in the Competition Appeal Tribunal and the High Court. We also regularly act on appeal proceedings, including for reductions of fines imposed for cartel infringements.

Our recent experience in this area includes advising:

• MAN in several high-value damages actions following the European Commission’s truck cartel investigation. Two of the claims will test the UK’s new collective proceedings regime. The scope and extent of the litigation makes it one of the most significant competition law-related disputes of recent years.
• JPMorgan Chase Bank on the defence of claims brought against multiple banks relating to alleged cartel activity in the FX market, including two competing applications in the Competition Appeal Tribunal for collective proceedings orders.
• Vodafone on a collective proceedings claim in relation to an alleged abuse of dominance for charging so-called ‘loyalty penalties’.
• Google on its successful appeal to the General Court of the European Union against the European Commission’s AdSense decision.  The General Court annulled both the Commission’s infringement decision and the €1.49 billion fine imposed on Google.

Our strength lies in our extensive experience in litigious competition matters combined with our ability to handle large-scale litigation, including cross-border cases.

Consumer protection is a key area of enforcement focus in the UK and Europe. We have expertise in handling complex consumer protection matters, including investigations before the Competition and Markets Authority, the European Commission, and the Consumer Protection Cooperation Network. We also regularly advise on day-to-day consumer protection compliance issues. 

Our recent experience includes advising:

• Asda in relation to the Competition and Markets Authority’s fashion greenwashing investigation.
• Booking.com and Agoda on a Europe-wide CPC investigation in relation to online hotel booking.
• Barratt Redrow on its successful defence against a consumer protection investigation, which resulted in no commitments or infringement findings.
• An FMCG company in relation to a complaint made to the European Commission and the CPC Network as regards allegations in relation to certain environmental claims.

Many businesses are taking unilateral action to address ESG challenges. However, it is recognised that cooperation is sometimes necessary to deliver a paradigm shift. While several authorities have issued guidance in relation to the competition law treatment of ESG cooperation, the law is still developing and there are diverging approaches between regulators. At the same time, several authorities are seeking to use their consumer protection powers as a basis to tackle alleged greenwashing activities. In an area of law which is increasingly complex, we help our clients to navigate the changing landscape by delivering outcome-focused advice with pragmatic commercial acumen.

Highlights of our recent experience include advising:

• Asda in relation to the Competition and Markets Authority’s fashion greenwashing investigation.
• An FMCG company in relation to a complaint made to the European Commission and the CPC Network as regards allegations in relation to certain environmental claims.
• Several clients on the competition law and consumer protection compliance aspects of various ESG initiatives including joint procurement arrangements, advertising or public claims, parallel trade, packaging, recycling schemes and sustainable sourcing.
• Several clients on enforcement matters where ESG initiatives have allegedly breached competition law.

We advise on the market and sector inquires conducted by the European Commission, the Competition and Markets Authority and other competition authorities around the world. We work with our clients to understand the risks and opportunities posed by these inquiries and then implement strategies to maximise their chances of achieving favourable outcomes.

Our recent experience includes advising:

• Google in relation to the Competition and Markets Authority market study into online platforms and digital advertising and various other market investigations worldwide.
• Dignity on the Competition and Markets Authority market investigation into funerals and crematoria services.
• Independent Vetcare in relation to the Competition and Markets Authority’s market investigation into veterinary services for household pets.
• Warner Music on the Competition and Markets Authority’s music and streaming market study.

We advise on the competition and regulatory aspects of international acquisitions, mergers and joint ventures. We see a continuous throughput and critical mass of the type of work that allows expertise and excellence to be maintained and developed in this field.  Chambers have noted that we have “one of the strongest merger control teams in the market”.

We have a particular expertise in handling complex international cases and are often called upon to coordinate merger filings worldwide. Recent examples include advising:

• Activision Blizzard on the Competition and Markets Authority’s review of its acquisition by Microsoft.
• INEOS on the merger control and Foreign Subsides Regulation aspects of its acquisition of TotalEnergies’ 50% interest in three joint venture chemical production businesses.
• S&P Global on the Competition and Markets Authority and European Commission reviews of its acquisition of IHS Markit.
• Vodafone on various transactions, including its acquisition of Liberty Global’s German and Central and Eastern European cable operations, and its proposed joint venture with Three UK.

For these purposes, we maintain detailed databases of over 150 merger control and foreign investment regimes around the world, which we keep up-to-date through our own individual country experts and contacts with our international network of competition specialists.

We advise governments and industry clients on restructurings, regulatory initiatives and transactions in all of the major regulated sectors.

Our work includes advising on legislative changes, price control, procurement and other aspects of regulatory strategy. We also advise on merger control work with regulatory issues.

Our experience includes advising:

• Centrica on the extension of the exemption from the requirement to offer access to third parties at the Rough storage facility.
• Northern Powergrid on both of its successful appeals to the Competition and Markets Authority against Ofgem’s electricity distribution price control decisions (RIIO-ED1 and RIIO-ED2). We have also advised several other clients on potential challenges to proposed licence amendments.
• Various clients on the application of price control rules and ring-fencing obligations to specific arrangements.
• Companies subject to investigations by sectoral regulators relating to alleged breaches of licence conditions.
• Government and other organisations on issues relating to overall regime policy and design.
• Several regulated companies on the merger control and regulatory aspects of various acquisitions and disposals.

We advise private sector and government clients on all aspects of State aid and subsidy control matters, including the application of the Windsor Framework and the EU Foreign Subsidies Regulation. We advise across a broad range of matters, including compliance, investigations, transactions and litigious proceedings.

Our experience includes advising:

• The UK Government on several key strategic matters including the establishment of the Green Investment Bank and the British Business Bank, the rescuing and restructuring of several systemically important private sector banks, and the operation of several Covid-19 response schemes.
• Foreign government entities such as the Portuguese Ministry of Finance in relation to the recapitalisation of a number of Portuguese banks.
• Public and other entities in receipt of public funds on the operational issues associated with subsidy control compliance.
• Third-party complainants in relation to State aid investigations as well as alleged beneficiaries of State aid.
• Various clients on notifications to the European Commission under the Foreign Subsidies Regulation.