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On Tuesday, June 20, 2017, the American Antitrust Institute hosted its 2017 Symposium Antitrust Remedies: A Multidisciplinary Approach.
Concerns over growing concentration and declining competition in the U.S. economy are garnering attention from the business, antitrust, public interest, and academic communities. More frequent merger challenges are an enforcement response to this problem, particularly those cases litigated by the government or abandoned by the parties after proposed remedies failed to satisfy concerns over diminished competition. These cases include challenges to the Staples-Office Depot, Sysco-USFoods, and Baker Hughes-Halliburton mega-mergers. At the same time that proposed structural remedies have been rejected in a number of cases, enforcers have pivoted away from conduct remedies, which raise well-known problems with effectiveness, monitoring, and enforcement. And, there appears to be mounting concerns over the effectiveness of some past remedies.
This year’s symposium examined antitrust remedies from a multidisciplinary perspective. Remedies can fundamentally change how businesses organize, operate, innovate, and position themselves strategically. Moreover, remedies require managers to implement changes in business structure and practices. This complexity may well have an impact on the success of antitrust remedies. For all of these reasons, a multidisciplinary approach to antitrust remedies can provide needed insight into their design and implications for success or failure. The symposium gathered experts from law, economics, marketing, strategic management, and engineering to offer insight into several key issues. These included: perspective on the role of remedies in merger analysis, challenges that remedies pose for antitrust enforcement, and suggested approaches for highlighting and integrating such analysis into enforcement decisions and competition policy. The symposium featured two panels and a capstone roundtable discussion. The first panel offered multidisciplinary perspectives from economics, law, and the business schools. The second panel brought together experts from the enforcement community, remedy monitors, and business experts who have implemented remedies.
Welcome and Introduction
Diana Moss, President, American Antitrust Institute
Overview of the Symposium
Gregory T. Gundlach, Distinguished Professor of Marketing, Coggin College of Business, University of North Florida
Competition, the Firm, and Antitrust Remedies: Integrating Non-Traditional Perspectives
Moderator:
Gregory T. Gundlach, Distinguished Professor of Marketing, Coggin College of Business, University of North Florida
Panelists:
Richard A. Feinstein, Partner, Boies Schiller Flexner LLP
John E. Kwoka, Neal F. Finnegan Distinguished Professor, Department of Economics, Northeastern University
Melissa Schilling, Professor of Management and Organizations, Leonard N. Stern School of Business, New York University
The Policy and Practice Behind Antitrust Remedies: Lessons from the Field
Moderator:
Diana L. Moss, President, American Antitrust Institute
Panelists:
Patricia A. Brink, Director of Civil Enforcement, Antitrust Division, U.S. Department of Justice
John N. McVeigh, Deputy Portfolio Manager, P. Schoenfeld Asset Management
Richard Shermer, President, R. Shermer & Company
Carin Zelenko, Director, Capital Strategies Department, International Brotherhood of Teamsters
