The Cartels and Leniency Review - Edition 5

Cartels are a surprisingly persistent feature of economic life. The temptation to rig the game in one’s favour is constant, particularly when demand conditions are weak and the product in question is an undifferentiated commodity. Corporate compliance programmes are useful but inherently limited, as managers may come to see their personal interests as divergent from those of the corporation. Detection of cartel arrangements can present a substantial challenge for both internal legal departments and law enforcement. Some notable cartels managed to remain intact for as long as a decade before they were uncovered. Some may never see the light of day. However, for those cartels that are detected, this compendium offers a resource for practitioners around the world.

This book brings together leading competition law experts from more than two dozen jurisdictions to address an issue of growing importance to large corporations, their managers and their lawyers: the potential liability, both civil and criminal, that may arise from unlawful agreements with competitors as to price, markets or output. The broad message of the book is that this risk is growing steadily. In part because of US leadership, stubborn cultural attitudes regarding cartel activity are gradually shifting. Many jurisdictions have moved to give their competition authorities additional investigative tools, including wiretap authority and broad subpoena powers. There is also a burgeoning movement to criminalise cartel activity in jurisdictions where it has previously been regarded as wholly or principally a civil matter. The growing use of leniency programmes has worked to radically destabilise global cartels, creating powerful incentives to report cartel activity when discovered.


The publisher acknowledges and thanks the following for their learned assistance throughout the preparation of this book:


  • Christine A Varney and John Terzaken
  • Cravath Swaine & Moore LLP and Allen & Overy LLP


  • Camila Corvalan
  • Estudio Beccar Varela


  • Nicolas J Taylor and Prudence J Smith
  • Jones Day


  • Stefaan Raes and Pierre Sabbadini
  • Liederkerke Wolters Walbroeck Kilpatrick


  • José Alexandre Buaiz Neto
  • Pinheiro Neto Advogados


  • George Addy, Anita Banicevic and Mark Katz
  • Davies Ward Phillips & Vineberg LLP


  • Susan Ning, Hazel Yin and Kate Peng
  • King & Wood Mallesons

European Union

  • Philippe Chappatte and Paul Walter
  • Slaughter and May


  • Hugues Calvet, Olivier Billard and Guillaume Fabre
  • Bredin Prat


  • Petra Linsmeier and Matthias Karl
  • Gleiss Lutz

Hong Kong

  • Stephen Crosswell, Tom Jenkins and Donald Pan
  • Baker & McKenzie


  • Farhad Sorabjee and Amitabh Kumar
  • J Sagar Associates


  • Vincent Power
  • A&L Goodbody


  • Hideto Ishida and Yuhki Tanaka
  • Anderson Mori & Tomotsune


  • Sai Ree Yun, Cecil Saehoon Chung, Kyoung Yeon Kim and Seung Hyuck Han
  • Yulchon LLC


  • Luis Omar Guerrero Rodríguez and Martín Michaus Fernández
  • Hogan Lovells BSTL, SC


  • Jolling de Pree and Stefan Molin
  • De Brauw Blackstone Westbroek


  • Gbolahan Elias, Obianuju Ifebunandu and Okechukwu J Okoro
  • G. Elias & Co


  • Carl Arthur Christiansen and Catherine Sandvig
  • Ræder, Attorneys-At-Law


  • Małgorzata Szwaj and Anna Laszczyk
  • Linklaters LLP


  • Carlos Pinto Correia
  • Linklaters LLP


  • Maxim Boulba and Maria Ermolaeva
  • CMS Russia


  • Daren Shiau and Elsa Chen
  • Allen & Gledhill LLP


  • Andrej Fatur and Helena Belina Djalil
  • Odvetniška družba FATUR o.p., d.o.o.


  • Alfonso Gutiérrez and Ana Raquel Lapresta
  • Uría Menéndez


  • Tommy Pettersson, Johan Carle and Stefan Perván Lindeborg
  • Mannheimer Swartling


  • Marcel Meinhardt, Benoît Merkt and Astrid Waser
  • Lenz & Staehelin


  • Stephen Wu, Rebecca Hsiao and Wei-Han Wu
  • Lee and Li, Attorneys-at-Law


  • GönençGürkaynak
  • ELIG Attorneys-at-Law

United Kingdom

  • Philippe Chappatte and Paul Walter
  • Slaughter and May


  • Christine A Varney and John Terzaken
  • Cravath Swaine & Moore LLP & Allen & Overy LLP

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The Law Reviews are high-quality, hardback books published annually by Law Business Research Ltd.

The contributors to the series are all carefully selected local experts in their fields of practice.


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