Private Challenges to Credit-Card Network Acquisitions Rejected
Source: The New York Law Journal. Reprinted with permission.Two district courts rejected separate claims brought by private plaintiffs alleging that two transactions-a beer merger and a credit-card network public offering-would likely lessen competition in violation of §7 of the Clayton Act. The Department of Justice brought an action seeking to unwind a merger of semiconductor suppliers that was not subject to premerger reporting regulations and the Federal Trade Commission (FTC) charged investment funds with failing to comply with premerger rules for making minority stock acquisitions. Other recent antitrust developments of note included the Department of Justice's decision not to challenge an insurers' consortium formed to provide large commercial insurance policies.
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