The New York Appellate Division has reaffirmed that the manifest disregard doctrine is a "severely limited… doctrine of last resort" that requires more than a mere error of law to warrant vacating an arbitral award. This case involved the acquisition contracts between Daesang and NutraSweet, under which NutraSweet could rescind the deal if it was sued for antitrust law violations. After NutraSweet exercised this right, Daesang commenced an arbitration proceeding for breach of contract.
The assistant attorney general recently suggested that antitrust enforcers should update their analytical framework to account for modern corporate structures, signalling the potential for antitrust violations when officers and directors serve multiple competing companies. The assistant attorney general's speech is a reminder that behaviour that is not explicitly prohibited by the letter of the antitrust statutes may still raise eyebrows.
The US Federal Bureau of Investigation (FBI) and the Australian Competition and Consumer Commission (ACCC) recently signed a new memorandum of cooperation to strengthen their ability to combat cartels and other anti-competitive conduct. According to the section chief of the FBI's Criminal Investigative Division, the memorandum codifies the FBI's relationship with the ACCC and provides an opportunity for increased information and resource sharing.
Litigants often enter into settlement agreements without giving much thought to whether those agreements could form the basis for an antitrust claim – and for good reason because most settlement agreements simply resolve a dispute through money payments. However, agreements that restrict rivals' abilities to engage in advertising or other competitive activities could fall foul of the antitrust laws.