Coverage

Forex defence: traders saw themselves against the market, not their customers

Forex defence: traders saw themselves against the market, not their customers

26 March 2019

The US Department of Justice and private plaintiffs said traders harmed the market by coordinating on foreign exchange transactions and benchmarks, but the traders – including the DOJ’s star witness – said they had sought to help their customers.

Federal agencies’ bond with states has grown “tenuous”, ex-enforcer warns

Federal agencies’ bond with states has grown “tenuous”, ex-enforcer warns

27 March 2019

The federal antitrust agencies’ lack of enforcement is emboldening states to take action on their own – including a possible challenge to the T-Mobile/Sprint tie-up.

US DOJ has shaken confidence in its own leniency programme, former official says

US DOJ has shaken confidence in its own leniency programme, former official says

27 March 2019

A dramatic shift in how the US Department of Justice publicly discusses leniency has caused applications from members of international cartels to drop markedly, a former head of anti-cartel enforcement at the agency has warned.

Chairs

Thomas Mueller

WilmerHale, Washington, DC and Brussels

Thomas Mueller is chair of Wilmer Cutler Pickering Hale and Dorr’s Antitrust and Competition Practice Group and resident in its Washington, DC office. His antitrust practice focuses on global cartel enforcement matters, as well as merger and other investigations with transatlantic implications. Having practiced both in Brussels and Washington, Mr. Mueller has insight into antitrust issues on both sides of the Atlantic. He regularly advises major clients across various industry sectors, particularly in the areas of technology, manufacturing, aerospace and defense, transportation and logistics, financial services, and energy. He received his BA from Williams College in 1987 and his JD from Harvard in 1990.

Samuel Weglein

Analysis Group, Boston

Dr. Weglein specializes in applying economics, statistics, and valuation to the analysis of liability issues and damages in antitrust, finance and securities, and general business litigation matters. Much of his recent antitrust work has been in health insurance and hospital markets. He has also assisted with antitrust litigation in a number of financial benchmark cases, including LIBOR and foreign exchange matters. In addition, Dr. Weglein has analyzed the economics of prepackaged software and managed projects to assess potential damages involving alleged anticompetitive conduct by Microsoft. He has also worked on behalf of Intel in antitrust litigation matters brought by AMD and the State of New York. 

Keynote Speaker

Victor Domen

Former senior antitrust counsel, Tennessee Attorney General's Office and Chair, Multistate Antitrust Task Force, National Association of Attorneys General; Norton Rose Fulbright partner as of January 2019, Washington DC

Victor J. Domen, Jr., a government antitrust investigations and prosecutions lawyer, is a partner in the Norton Rose Fulbright Washington, DC office. As a former enforcer himself, Vic has a unique perspective into the priorities of government agencies as well as the challenges clients may encounter.
Regarded as a top-three US antitrust enforcer, Vic previously worked for the Tennessee Attorney General's Office, where he served as its senior antitrust counsel. For nearly 20 years, Vic was the lead lawyer in the investigation and prosecution of federal and state antitrust matters brought on behalf of the State of Tennessee.

Speakers

Alexandre Cordeiro Macedo

General-Superintendent, CADE, Brasilia

Scott Hammond

Gibson, Dunn & Crutcher, Washington, DC

Michael Hausfeld

Hausfeld, Washington, DC and London

Kathryn Hellings

Hogan Lovells, Washington, DC

Renata Hesse

Sullivan & Cromwell, Washington, DC

Sonia Kuester Pfaffenroth

Arnold & Porter Kaye Scholer, Washington, DC

Niall Lynch

Latham & Watkins, San Francisco

Djordje Petkoski

Shearman & Sterling, Washington, DC

Guy Pinsonnault

McMillan, Ottawa

Mark Rosman

Wilson Sonsini Goodrich & Rosati, Washington, DC

Omar Shah

Morgan, Lewis & Bockius, London and Brussels

Heather Tewksbury Nyong'o

WilmerHale, Palo Alto

Marc Waha

Norton Rose Fulbright, Hong Kong

Programme

8.30: Welcome coffee and registration

9.00: Chairs’ opening remarks

Thomas Mueller, WilmerHale, Washington, DC and Brussels
Samuel Weglein, Analysis Group, Boston

9.15: Forex Case Study

When the US Department of Justice negotiated guilty pleas with banks and individuals over the manipulation of foreign exchange benchmarks, it obtained billions in fines. But when three former traders went to trial against the DOJ last year, they won acquittals after the jury deliberated for less than a day. Whether other agencies will perform better in court remains to be seen, as the Competition Commission of South Africa will not bring its forex charges against more than a dozen banks to trial until later this year. And Brazil's Administrative Council for Economic Defence has thus far avoided courts by settling its forex allegations through its administrative proceeding process, in which several banks have signed cease-and-desist orders and paid tens of millions. How can enforcers explain the complex world of financial benchmarks to juries? And how can defense counsel fight back when prosecutors have cooperating witnesses on their side? 

Moderator:
Djordje Petkoski, Shearman & Sterling, Washington, DC

Panel:
Michael Hausfeld, Hausfeld, Washington, DC and London
Heather Tewksbury Nyong'o, WilmerHale, Palo Alto
Mark Rosman, Wilson Sonsini Goodrich & Rosati, Washington, DC
Niall Lynch, Latham & Watkins, San Francisco

10.30: Coffee Break

10.55: No-poach agreements and other labour market concerns

Regulators in the U.S., Europe and elsewhere have increased their focus on so-called “no poach” or “no hire” agreements and other labour market practices, such as sharing of sensitive HR information; civil litigation in the U.S. is on the upswing as well. The Panel will discuss why momentum has been building, where things are heading, and what are the implications for employers, their counsel, and regulators. 

Moderator:
Sonia Kuester Pfaffenroth, Arnold & Porter Kaye Scholer, Washington, DC

Panel
:
Marc Waha, Norton Rose Fulbright, Hong Kong
Samuel Weglein, Analysis Group, Boston
Renata Hesse, Sullivan & Cromwell, Washington, DC
Omar Shah, Morgan, Lewis & Bockius, London and Brussels 

12.05: Networking lunch  

13.00: Keynote address
Victor Domen, former senior antitrust counsel, Tennessee Attorney General's Office and Chair, Multistate Antitrust Task Force, National Association of Attorneys General; Norton Rose Fulbright partner as of January 2019, Washington D.C.

13.30: The state of leniency

The state of leniency seems in decline in much of the world, as the practical burdens of multi-jurisdictional cooperation and the spread of follow-on damages actions have reportedly made it increasingly attractive for companies simply to hope that enforcers won't detect cartels on their own. While US law attempts to advantage immunity applicants in private civil litigation by making them liable only for single damages, the prevalence of settlements means that few companies will ever actually pay treble damages. Yet the news isn't bad everywhere; in Brazil, for example, the use of administrative proceedings may be encouraging companies to cut a deal with the enforcer. What might older leniency regimes have to learn from newer ones? How can private litigation avoid killing its golden goose?

Moderator:
Kathryn Hellings, Hogan Lovells, Washington, DC

Panel
:
Scott Hammond, Gibson, Dunn & Crutcher, Washington, DC
Guy Pinsonnault, McMillan, Ottawa
Alexandre Cordeiro Macedo, General-Superintendent, CADE, Brasilia

14.45: Chairs' closing remarks

Thomas Mueller, WilmerHale, Washington, DC and Brussels
Samuel Weglein, Analysis Group, Boston

14.55: Conference close

Venue

1875 Pennsylvania Avenue, NW Washington, DC, 20006, USA

Testimonials

  • "Very nice format - interesting and knowledgeable speakers, good choice of topics" - Christophe Rapin

  • “Excellent speakers sharing their unique perspectives.” - Rebecca Fair, Analysis Group

Ticket Prices

Private Practitioner
Type Price Until
Super Early $700 15 Feb 2019
Early $800 15 Mar 2019
Standard $950 26 Mar 2019

 

In-house/governmental
Type Price
Standard $0