The Antitrust Week In Review

Here are some of the developments in antitrust news this past week that we found interesting and are following.

U.S. Is Seeking Billions From Global Banks in Currency Manipulation Settlement.  The U.S. Department of Justice is putting a price tag of about $1 billion each on potential settlements that it is trying to reach with global banks that it is investigating for manipulation of currency markets, according to people claiming to be familiar with the talks.  The banks, however, are reportedly pushing back harder than in some previous negotiations, including those for mortgage-backed securities, and the final penalties could be lower.  The discussions could lead to settlements of government allegations of criminal activity in the currency markets against Barclays Plc, Citigroup Inc., JPMorgan Chase & Co., Royal Bank of Scotland Group Plc and UBS Group AG.

Apple Asks U.S. Appeals Court to Disqualify Antitrust Monitor.  The U.S. Court of Appeals for the Second Circuit heard arguments on Tuesday on Apple’s latest effort to disqualify a court-appointed antitrust monitor.   Judge Dennis Jacobs sharply questioned the activities of Michael Bromwich, who was appointed as monitor after Apple was found liable for conspiring with publishers to raise e-book prices.  Apple has repeatedly tried to have Bromwich sacked, pointing to his aggressively seeking interviews with executives and engaging in private discussions with the U.S. Department of Justice.

EU Regulators Clear Aviva’s $8.3 Billion Bid for Friends Life.  European Union antitrust regulators approved British insurer Aviva’s proposed 5.6-billion-pound purchase of rival Friends Life, saying it did not have any competition concerns.  According to the European Commission, the merged company would have a moderate market share.

Waste Management wins antitrust approval for Deffenbaugh deal.  The U.S. Department of Justice Department said on Friday that it granted antitrust approval for Waste Management’s purchase of waste disposer Deffenbaugh Disposal.  Waste Management, a $14 billion a year garbage and recycling giant, agreed to sell assets in Kansas and Arkansas in order to win Government approval for the $405 million deal.