i Table of contents 395

Cartels 2025

Definitive global law guides offering comparative analysis from top-ranked lawyers

INTRODUCTION		5
Contributed by Mark Rosman, Proskauer		5
AUSTRIA		10
Law and Practice		10
Contributed by bpv Huegel		10
CHINA		32
Law and Practice		32
Contributed by Haiwen & Partners		32
Trends and Developments		59
Contributed by Beijing DHH Law Firm		59
EU		65
Law and Practice		65
Contributed by Van Bael & Bellis		65
Trends and Developments		88
Contributed by Van Bael & Bellis		88
GERMANY		96
Law and Practice		96
Contributed by SZA Schilling, Zutt & Anschütz		96
Trends and Developments		120
Contributed by SZA Schilling, Zutt & Anschütz		120
GREECE		126
Law and Practice		126
Contributed by Karatzas & Partners		126
Trends and Developments		149
Contributed by Kyriakides Georgopoulos Law Firm		149
ISRAEL		158
Law and Practice		158
Contributed by Herzog Fox & Neeman		158
JAPAN		178
Law and Practice		178
Contributed by Anderson Mori & Tomotsune		178
MEXICO		199
Law and Practice		199
Contributed by Nader, Hayaux & Goebel		199
Trends and Developments		224
Contributed by Von Wobeser y Sierra, SC		224
NETHERLANDS		232
Law and Practice		232
Contributed by Simmons & Simmons LLP		232
Trends and Developments		254
Contributed by Simmons & Simmons LLP		254
PORTUGAL		258
Law and Practice		258
Contributed by Abreu Advogados		258
Trends and Developments		288
Contributed by Abreu Advogados		288
SINGAPORE		293
Law and Practice		293
Contributed by Drew & Napier LLC		293
Trends and Developments		317
Contributed by Drew & Napier LLC		317
SOUTH KOREA		324
Law and Practice		324
Contributed by Shin & Kim		324
Trends and Developments		346
Contributed by Shin & Kim		346
USA		353
Law and Practice		353
Contributed by A&O Shearman		353
Trends and Developments		375
Contributed by A&O Shearman		375
USA – CALIFORNIA		383
Trends and Developments		383
Contributed by Crowell & Moring LLP		383
USA – WASHINGTON		388
Trends and Developments		388
Contributed by Wilson Sonsini Goodrich & Rosati		388
1. Cartels Law and Regulation		13
1.1 Legal Bases		13
1.2 Regulatory/Enforcement Agencies and Penalties		13
1.3 Private Enforcement		15
1.4 “Cartel Conduct”		15
1.5 Limitation Periods		16
1.6 Jurisdiction		16
1.7 Principles of Comity		16
1.8 Enforcement Priorities		17
1.9 Guides Published by Governmental Authorities		17
2. Early Stages of Cartel Enforcement		17
2.1 Initial Investigation		17
2.2 Dawn Raids/Search Warrants		18
2.3 Spoliation of Evidence		18
2.4 Role of Counsel		18
2.5 Obtaining Evidence/Testimony		19
2.6 Attorney-Client and Other Privileges		19
2.7 Non-Cooperation		20
2.8 Protection of Confidential/Proprietary Information		21
2.9 Arguments Against Enforcement Actions		22
3. Leniency, Immunity and Whistle-Blower Regimes		22
3.1 Leniency		22
3.2 Amnesty/Immunity		23
3.3 Whistle-Blowers		24
4. Procedural Framework for Cartel Enforcement		24
4.1 Obtaining Evidence From Employees		24
4.2 Obtaining Documentary Evidence From Subject/Target Companies		24
4.3 Obtaining Evidence From Entities Outside the Jurisdiction		24
4.4 Domestic Inter-Agency Co-Operation		24
4.5 International Inter-Agency Co-Operation		25
4.6 Issuing Criminal Indictments		25
4.7 Issuing Civil Complaints		25
4.8 The Role of Experts		25
4.9 Possibility of Multiple Proceedings		25
5. Sanctions and Remedies in Criminal Cartel Enforcement		26
5.1 Imposition of Sanctions/Fines		26
5.2 Plea Bargaining/Settlement		26
5.3 Effect of Liability Being Established		26
5.4 Sanctions and Penalties in Criminal Proceedings		27
5.5 History of Criminal Sanctions		27
5.6 Relevance of Effective Compliance Programmes		27
5.7 Mandatory Consumer Redress		27
5.8 Judicial Review or Appeal		28
5.9 Timeline of Cartel Enforcement Process		28
6. Civil Litigation		28
6.1 Private Rights of Action		28
6.2 Collective Action		29
6.3 Indirect Purchasers and “Passing On” Defences		29
6.4 Evidence Obtained From Governmental Investigations/Proceedings		29
6.5 Frequency of Completion of Litigation		29
6.6 Attorneys’ Fees		30
6.7 Costs/Fees		30
6.8 Judicial Review or Appeal		30
7. Trends in Cartel Enforcement		30
7.1 Information Sharing as a Cartel Offence		30
7.2 Use of AI and Algorithms		30
7.3 Monopolisation as a Cartel Offence		30
7.4 Focus on Certain Industries/Sectors		30
7.5 Use of Messaging Applications and Chat Platforms		30
7.6 “No Poach” and Labour Market Allocation Conduct		31
7.7 Leniency v Ex Officio Investigations		31
7.8 Domestic v International Investigations		31
7.9 Environmental, Social and Governance (ESG) Cartels		31
7.10 Crisis Cartels		31
1. Cartels Law and Regulation		36
1.1 Legal Bases		36
1.2 Regulatory/Enforcement Agencies and Penalties		36
1.3 Private Enforcement		38
1.4 “Cartel Conduct”		38
1.5 Limitation Periods		39
1.6 Jurisdiction		40
1.7 Principles of Comity		40
1.8 Enforcement Priorities		40
1.9 Guides Published by Governmental Authorities		40
2. Early Stages of Cartel Enforcement		41
2.1 Initial Investigation		41
2.2 Dawn Raids/Search Warrants		41
2.3 Spoliation of Evidence		42
2.4 Role of Counsel		42
2.5 Obtaining Evidence/Testimony		42
2.6 Attorney-Client and Other Privileges		43
2.7 Non-Cooperation		43
2.8 Protection of Confidential/Proprietary Information		44
2.9 Arguments Against Enforcement Actions		44
3. Leniency, Immunity and Whistle-Blower Regimes		44
3.1 Leniency		44
3.2 Amnesty/Immunity		45
3.3 Whistle-Blowers		45
4. Procedural Framework for Cartel Enforcement		46
4.1 Obtaining Evidence From Employees		46
4.2 Obtaining Documentary Evidence From Subject/Target Companies		46
4.3 Obtaining Evidence From Entities Outside the Jurisdiction		46
4.4 Domestic Inter-Agency Co-Operation		46
4.5 International Inter-Agency Co-Operation		47
4.6 Issuing Criminal Indictments		48
4.7 Issuing Civil Complaints		48
4.8 The Role of Experts		49
4.9 Possibility of Multiple Proceedings		49
5. Sanctions and Remedies in Criminal Cartel Enforcement		49
5.1 Imposition of Sanctions/Fines		49
5.2 Plea Bargaining/Settlement		50
5.3 Effect of Liability Being Established		51
5.4 Sanctions and Penalties in Criminal Proceedings		51
5.5 History of Criminal Sanctions		51
5.6 Relevance of Effective Compliance Programmes		52
5.7 Mandatory Consumer Redress		52
5.8 Judicial Review or Appeal		52
5.9 Timeline of Cartel Enforcement Process		53
6. Civil Litigation		53
6.1 Private Rights of Action		53
6.2 Collective Action		54
6.3 Indirect Purchasers and “Passing On” Defences		54
6.4 Evidence Obtained From Governmental Investigations/Proceedings		54
6.5 Frequency of Completion of Litigation		55
6.6 Attorneys’ Fees		55
6.7 Costs/Fees		55
6.8 Judicial Review or Appeal		55
7. Trends in Cartel Enforcement		56
7.1 Information Sharing as a Cartel Offence		56
7.2 Use of AI and Algorithms		57
7.3 Monopolisation as a Cartel Offence		57
7.4 Focus on Certain Industries/Sectors		57
7.5 Use of Messaging Applications and Chat Platforms		57
7.6 “No Poach” and Labour Market Allocation Conduct		58
7.7 Leniency v Ex Officio Investigations		58
7.8 Domestic v International Investigations		58
7.9 Environmental, Social and Governance (ESG) Cartels		58
7.10 Crisis Cartels		58
1. Cartels Law and Regulation		69
1.1 Legal Bases		69
1.2 Regulatory/Enforcement Agencies and Penalties		69
1.3 Private Enforcement		70
1.4 “Cartel Conduct”		70
1.5 Limitation Periods		70
1.6 Jurisdiction		71
1.7 Principles of Comity		71
1.8 Enforcement Priorities		71
1.9 Guides Published by Governmental Authorities		71
2. Early Stages of Cartel Enforcement		72
2.1 Initial Investigation		72
2.2 Dawn Raids/Search Warrants		72
2.3 Spoliation of Evidence		73
2.4 Role of Counsel		74
2.5 Obtaining Evidence/Testimony		75
2.6 Attorney-Client and Other Privileges		75
2.7 Non-Cooperation		76
2.8 Protection of Confidential/Proprietary Information		76
2.9 Arguments Against Enforcement Actions		76
3. Leniency, Immunity and Whistle-Blower Regimes		77
3.1 Leniency		77
3.2 Amnesty/Immunity		80
3.3 Whistle-Blowers		80
4. Procedural Framework for Cartel Enforcement		80
4.1 Obtaining Evidence From Employees		80
4.2 Obtaining Documentary Evidence From Subject/Target Companies		80
4.3 Obtaining Evidence From Entities Outside the Jurisdiction		80
4.4 Domestic Inter-Agency Co-Operation		80
4.5 International Inter-Agency Co-Operation		81
4.6 Issuing Criminal Indictments		81
4.7 Issuing Civil Complaints		81
4.8 The Role of Experts		81
4.9 Possibility of Multiple Proceedings		81
5. Sanctions and Remedies in Criminal Cartel Enforcement		82
5.1 Imposition of Sanctions/Fines		82
5.2 Plea Bargaining/Settlement		82
5.3 Effect of Liability Being Established		83
5.4 Sanctions and Penalties in Criminal Proceedings		83
5.5 History of Criminal Sanctions		83
5.6 Relevance of Effective Compliance Programmes		83
5.7 Mandatory Consumer Redress		83
5.8 Judicial Review or Appeal		83
5.9 Timeline of Cartel Enforcement Process		84
6. Civil Litigation		84
6.1 Private Rights of Action		84
6.2 Collective Action		84
6.3 Indirect Purchasers and “Passing On” Defences		84
6.4 Evidence Obtained From Governmental Investigations/Proceedings		85
6.5 Frequency of Completion of Litigation		85
6.6 Attorneys’ Fees		85
6.7 Costs/Fees		85
6.8 Judicial Review or Appeal		85
7. Trends in Cartel Enforcement		86
7.1 Information Sharing as a Cartel Offence		86
7.2 Use of AI and Algorithms		86
7.3 Monopolisation as a Cartel Offence		86
7.4 Focus on Certain Industries/Sectors		86
7.5 Use of Messaging Applications and Chat Platforms		86
7.6 “No Poach” and Labour Market Allocation Conduct		86
7.7 Leniency v Ex Officio Investigations		87
7.8 Domestic v International Investigations		87
7.9 Environmental, Social and Governance (ESG) Cartels		87
7.10 Crisis Cartels		87
1. Cartels Law and Regulation		99
1.1 Legal Bases		99
1.2 Regulatory/Enforcement Agencies and Penalties		99
1.3 Private Enforcement		101
1.4 “Cartel Conduct”		101
1.5 Limitation Periods		102
1.6 Jurisdiction		103
1.7 Principles of Comity		103
1.8 Enforcement Priorities		104
1.9 Guides Published by Governmental Authorities		104
2. Early Stages of Cartel Enforcement		104
2.1 Initial Investigation		104
2.2 Dawn Raids/Search Warrants		104
2.3 Spoliation of Evidence		105
2.4 Role of Counsel		106
2.5 Obtaining Evidence/Testimony		106
2.6 Attorney-Client and Other Privileges		107
2.7 Non-Cooperation		107
2.8 Protection of Confidential/Proprietary Information		108
2.9 Arguments Against Enforcement Actions		108
3. Leniency, Immunity and Whistle-Blower Regimes		108
3.1 Leniency		108
3.2 Amnesty/Immunity		109
3.3 Whistle-Blowers		109
4. Procedural Framework for Cartel Enforcement		110
4.1 Obtaining Evidence From Employees		110
4.2 Obtaining Documentary Evidence From Subject/Target Companies		110
4.3 Obtaining Evidence From Entities Outside the Jurisdiction		110
4.4 Domestic Inter-Agency Co-Operation		110
4.5 International Inter-Agency Co-Operation		111
4.6 Issuing Criminal Indictments		111
4.7 Issuing Civil Complaints		111
4.8 The Role of Experts		111
4.9 Possibility of Multiple Proceedings		111
5. Sanctions and Remedies in Criminal Cartel Enforcement		111
5.1 Imposition of Sanctions/Fines		111
5.2 Plea Bargaining/Settlement		112
5.3 Effect of Liability Being Established		112
5.4 Sanctions and Penalties in Criminal Proceedings		112
5.5 History of Criminal Sanctions		112
5.6 Relevance of Effective Compliance Programmes		113
5.7 Mandatory Consumer Redress		113
5.8 Judicial Review or Appeal		113
5.9 Timeline of Cartel Enforcement Process		113
6. Civil Litigation		114
6.1 Private Rights of Action		114
6.2 Collective Action		115
6.3 Indirect Purchasers and “Passing On” Defences		116
6.4 Evidence Obtained From Governmental Investigations/Proceedings		116
6.5 Frequency of Completion of Litigation		117
6.6 Attorneys’ Fees		117
6.7 Costs/Fees		117
6.8 Judicial Review or Appeal		117
7. Trends in Cartel Enforcement		117
7.1 Information Sharing as a Cartel Offence		117
7.2 Use of AI and Algorithms		117
7.3 Monopolisation as a Cartel Offence		118
7.4 Focus on Certain Industries/Sectors		118
7.5 Use of Messaging Applications and Chat Platforms		118
7.6 “No Poach” and Labour Market Allocation Conduct		118
7.7 Leniency v Ex Officio Investigations		118
7.8 Domestic v International Investigations		119
7.9 Environmental, Social and Governance (ESG) Cartels		119
7.10 Crisis Cartels		119
1. Cartels Law and Regulation		129
1.1 Legal Bases		129
1.2 Regulatory/Enforcement Agencies and Penalties		129
1.3 Private Enforcement		131
1.4 “Cartel Conduct”		132
1.5 Limitation Periods		132
1.6 Jurisdiction		133
1.7 Principles of Comity		133
1.8 Enforcement Priorities		133
1.9 Guides Published by Governmental Authorities		133
2. Early Stages of Cartel Enforcement		133
2.1 Initial Investigation		133
2.2 Dawn Raids/Search Warrants		134
2.3 Spoliation of Evidence		135
2.4 Role of Counsel		135
2.5 Obtaining Evidence/Testimony		136
2.6 Attorney-Client and Other Privileges		136
2.7 Non-Cooperation		136
2.8 Protection of Confidential/Proprietary Information		137
2.9 Arguments Against Enforcement Actions		137
3. Leniency, Immunity and Whistle-Blower Regimes		138
3.1 Leniency		138
3.2 Amnesty/Immunity		138
3.3 Whistle-Blowers		139
4. Procedural Framework for Cartel Enforcement		139
4.1 Obtaining Evidence From Employees		139
4.2 Obtaining Documentary Evidence From Subject/Target Companies		139
4.3 Obtaining Evidence From Entities Outside the Jurisdiction		139
4.4 Domestic Inter-Agency Co-Operation		140
4.5 International Inter-Agency Co-Operation		140
4.6 Issuing Criminal Indictments		140
4.7 Issuing Civil Complaints		141
4.8 The Role of Experts		142
4.9 Possibility of Multiple Proceedings		142
5. Sanctions and Remedies in Criminal Cartel Enforcement		143
5.1 Imposition of Sanctions/Fines		143
5.2 Plea Bargaining/Settlement		143
5.3 Effect of Liability Being Established		145
5.4 Sanctions and Penalties in Criminal Proceedings		145
5.5 History of Criminal Sanctions		145
5.6 Relevance of Effective Compliance Programmes		145
5.7 Mandatory Consumer Redress		145
5.8 Judicial Review or Appeal		145
5.9 Timeline of Cartel Enforcement Process		146
6. Civil Litigation		146
6.1 Private Rights of Action		146
6.2 Collective Action		146
6.3 Indirect Purchasers and “Passing On” Defences		146
6.4 Evidence Obtained From Governmental Investigations/Proceedings		146
6.5 Frequency of Completion of Litigation		146
6.6 Attorneys’ Fees		146
6.7 Costs/Fees		146
6.8 Judicial Review or Appeal		146
7. Trends in Cartel Enforcement		147
7.1 Information Sharing as a Cartel Offence		147
7.2 Use of AI and Algorithms		147
7.3 Monopolisation as a Cartel Offence		147
7.4 Focus on Certain Industries/Sectors		147
7.5 Use of Messaging Applications and Chat Platforms		147
7.6 “No Poach” and Labour Market Allocation Conduct		147
7.7 Leniency v Ex Officio Investigations		147
7.8 Domestic v International Investigations		148
7.9 Environmental, Social and Governance (ESG) Cartels		148
7.10 Crisis Cartels		148
1. Cartels Law and Regulation		162
1.1 Legal Bases		162
1.2 Regulatory/Enforcement Agencies and Penalties		162
1.3 Private Enforcement		162
1.4 “Cartel Conduct”		163
1.5 Limitation Periods		164
1.6 Jurisdiction		164
1.7 Principles of Comity		165
1.8 Enforcement Priorities		165
1.9 Guides Published by Governmental Authorities		165
2. Early Stages of Cartel Enforcement		165
2.1 Initial Investigation		165
2.2 Dawn Raids/Search Warrants		166
2.3 Spoliation of Evidence		166
2.4 Role of Counsel		166
2.5 Obtaining Evidence/Testimony		167
2.6 Attorney-Client and Other Privileges		167
2.7 Non-Cooperation		168
2.8 Protection of Confidential/Proprietary Information		168
2.9 Arguments Against Enforcement Actions		169
3. Leniency, Immunity and Whistle-Blower Regimes		169
3.1 Leniency		169
3.2 Amnesty/Immunity		169
3.3 Whistle-Blowers		169
4. Procedural Framework for Cartel Enforcement		170
4.1 Obtaining Evidence From Employees		170
4.2 Obtaining Documentary Evidence From Subject/Target Companies		170
4.3 Obtaining Evidence From Entities Outside the Jurisdiction		170
4.4 Domestic Inter-Agency Co-Operation		171
4.5 International Inter-Agency Co-Operation		171
4.6 Issuing Criminal Indictments		171
4.7 Issuing Civil Complaints		171
4.8 The Role of Experts		172
4.9 Possibility of Multiple Proceedings		172
5. Sanctions and Remedies in Criminal Cartel Enforcement		172
5.1 Imposition of Sanctions/Fines		172
5.2 Plea Bargaining/Settlement		172
5.3 Effect of Liability Being Established		173
5.4 Sanctions and Penalties in Criminal Proceedings		173
5.5 History of Criminal Sanctions		173
5.6 Relevance of Effective Compliance Programmes		174
5.7 Mandatory Consumer Redress		174
5.8 Judicial Review or Appeal		174
5.9 Timeline of Cartel Enforcement Process		174
6. Civil Litigation		174
6.1 Private Rights of Action		174
6.2 Collective Action		175
6.3 Indirect Purchasers and “Passing On” Defences		175
6.4 Evidence Obtained From Governmental Investigations/Proceedings		175
6.5 Frequency of Completion of Litigation		175
6.6 Attorneys’ Fees		175
6.7 Costs/Fees		176
6.8 Judicial Review or Appeal		176
7. Trends in Cartel Enforcement		176
7.1 Information Sharing as a Cartel Offence		176
7.2 Use of AI and Algorithms		176
7.3 Monopolisation as a Cartel Offence		176
7.4 Focus on Certain Industries/Sectors		177
7.5 Use of Messaging Applications and Chat Platforms		177
7.6 “No Poach” and Labour Market Allocation Conduct		177
7.7 Leniency v Ex Officio Investigations		177
7.8 Domestic v International Investigations		177
7.9 Environmental, Social and Governance (ESG) Cartels		177
7.10 Crisis Cartels		177
1. Cartels Law and Regulation		182
1.1 Legal Bases		182
1.2 Regulatory/Enforcement Agencies and Penalties		182
1.3 Private Enforcement		182
1.4 “Cartel Conduct”		182
1.5 Limitation Periods		183
1.6 Jurisdiction		183
1.7 Principles of Comity		183
1.8 Enforcement Priorities		183
1.9 Guides Published by Governmental Authorities		183
2. Early Stages of Cartel Enforcement		184
2.1 Initial Investigation		184
2.2 Dawn Raids/Search Warrants		184
2.3 Spoliation of Evidence		185
2.4 Role of Counsel		185
2.5 Obtaining Evidence/Testimony		186
2.6 Attorney-Client and Other Privileges		186
2.7 Non-Cooperation		187
2.8 Protection of Confidential/Proprietary Information		187
2.9 Arguments Against Enforcement Actions		187
3. Leniency, Immunity and Whistle-Blower Regimes		187
3.1 Leniency		187
3.2 Amnesty/Immunity		188
3.3 Whistle-Blowers		188
4. Procedural Framework for Cartel Enforcement		188
4.1 Obtaining Evidence From Employees		188
4.2 Obtaining Documentary Evidence From Subject/Target Companies		188
4.3 Obtaining Evidence From Entities Outside the Jurisdiction		189
4.4 Domestic Inter-Agency Co-Operation		189
4.5 International Inter-Agency Co-Operation		189
4.6 Issuing Criminal Indictments		190
4.7 Issuing Civil Complaints		190
4.8 The Role of Experts		191
4.9 Possibility of Multiple Proceedings		191
5. Sanctions and Remedies in Criminal Cartel Enforcement		191
5.1 Imposition of Sanctions/Fines		191
5.2 Plea Bargaining/Settlement		192
5.3 Effect of Liability Being Established		192
5.4 Sanctions and Penalties in Criminal Proceedings		192
5.5 History of Criminal Sanctions		193
5.6 Relevance of Effective Compliance Programmes		194
5.7 Mandatory Consumer Redress		194
5.8 Judicial Review or Appeal		194
5.9 Timeline of Cartel Enforcement Process		195
6. Civil Litigation		195
6.1 Private Rights of Action		195
6.2 Collective Action		195
6.3 Indirect Purchasers and “Passing On” Defences		195
6.4 Evidence Obtained From Governmental Investigations/Proceedings		195
6.5 Frequency of Completion of Litigation		195
6.6 Attorneys’ Fees		196
6.7 Costs/Fees		196
6.8 Judicial Review or Appeal		196
7. Trends in Cartel Enforcement		196
7.1 Information Sharing as a Cartel Offence		196
7.2 Use of AI and Algorithms		196
7.3 Monopolisation as a Cartel Offence		197
7.4 Focus on Certain Industries/Sectors		197
7.5 Use of Messaging Applications and Chat Platforms		197
7.6 “No Poach” and Labour Market Allocation Conduct		197
7.7 Leniency v Ex Officio Investigations		197
7.8 Domestic v International Investigations		197
7.9 Environmental, Social and Governance (ESG) Cartels		197
7.10 Crisis Cartels		198
1. Cartels Law and Regulation		203
1.1 Legal Bases		203
1.2 Regulatory/Enforcement Agencies and Penalties		203
1.3 Private Enforcement		204
1.4 “Cartel Conduct”		204
1.5 Limitation Periods		205
1.6 Jurisdiction		205
1.7 Principles of Comity		205
1.8 Enforcement Priorities		206
1.9 Guides Published by Governmental Authorities		206
2. Early Stages of Cartel Enforcement		206
2.1 Initial Investigation		206
2.2 Dawn Raids/Search Warrants		207
2.3 Spoliation of Evidence		208
2.4 Role of Counsel		208
2.5 Obtaining Evidence/Testimony		208
2.6 Attorney-Client and Other Privileges		208
2.7 Non-Cooperation		209
2.8 Protection of Confidential/Proprietary Information		210
2.9 Arguments Against Enforcement Actions		210
3. Leniency, Immunity and Whistle-Blower Regimes		211
3.1 Leniency		211
3.2 Amnesty/Immunity		211
3.3 Whistle-Blowers		211
4. Procedural Framework for Cartel Enforcement		212
4.1 Obtaining Evidence From Employees		212
4.2 Obtaining Documentary Evidence From Subject/Target Companies		212
4.3 Obtaining Evidence From Entities Outside the Jurisdiction		212
4.4 Domestic Inter-Agency Co-Operation		212
4.5 International Inter-Agency Co-Operation		213
4.6 Issuing Criminal Indictments		213
4.7 Issuing Civil Complaints		213
4.8 The Role of Experts		213
4.9 Possibility of Multiple Proceedings		214
5. Sanctions and Remedies in Criminal Cartel Enforcement		214
5.1 Imposition of Sanctions/Fines		214
5.2 Plea Bargaining/Settlement		214
5.3 Effect of Liability Being Established		214
5.4 Sanctions and Penalties in Criminal Proceedings		215
5.5 History of Criminal Sanctions		215
5.6 Relevance of Effective Compliance Programmes		215
5.7 Mandatory Consumer Redress		215
5.8 Judicial Review or Appeal		215
5.9 Timeline of Cartel Enforcement Process		216
6. Civil Litigation		216
6.1 Private Rights of Action		216
6.2 Collective Action		216
6.3 Indirect Purchasers and “Passing On” Defences		217
6.4 Evidence Obtained From Governmental Investigations/Proceedings		217
6.5 Frequency of Completion of Litigation		217
6.6 Attorneys’ Fees		217
6.7 Costs/Fees		217
6.8 Judicial Review or Appeal		217
7. Trends in Cartel Enforcement		217
7.1 Information Sharing as a Cartel Offence		217
7.2 Use of AI and Algorithms		218
7.3 Monopolisation as a Cartel Offence		219
7.4 Focus on Certain Industries/Sectors		219
7.5 Use of Messaging Applications and Chat Platforms		219
7.6 “No Poach” and Labour Market Allocation Conduct		220
7.7 Leniency v Ex Officio Investigations		221
7.8 Domestic v International Investigations		221
7.9 Environmental, Social and Governance (ESG) Cartels		222
7.10 Crisis Cartels		223
1. Cartels Law and Regulation		235
1.1 Legal Bases		235
1.2 Regulatory/Enforcement Agencies and Penalties		235
1.3 Private Enforcement		235
1.4 “Cartel Conduct”		235
1.5 Limitation Periods		236
1.6 Jurisdiction		236
1.7 Principles of Comity		237
1.8 Enforcement Priorities		237
1.9 Guides Published by Governmental Authorities		237
2. Early Stages of Cartel Enforcement		238
2.1 Initial Investigation		238
2.2 Dawn Raids/Search Warrants		238
2.3 Spoliation of Evidence		239
2.4 Role of Counsel		239
2.5 Obtaining Evidence/Testimony		239
2.6 Attorney-Client and Other Privileges		240
2.7 Non-Cooperation		241
2.8 Protection of Confidential/Proprietary Information		241
2.9 Arguments Against Enforcement Actions		242
3. Leniency, Immunity and Whistle-Blower Regimes		242
3.1 Leniency		242
3.2 Amnesty/Immunity		242
3.3 Whistle-Blowers		244
4. Procedural Framework for Cartel Enforcement		245
4.1 Obtaining Evidence From Employees		245
4.2 Obtaining Documentary Evidence From Subject/Target Companies		245
4.3 Obtaining Evidence From Entities Outside the Jurisdiction		245
4.4 Domestic Inter-Agency Co-Operation		245
4.5 International Inter-Agency Co-Operation		246
4.6 Issuing Criminal Indictments		246
4.7 Issuing Civil Complaints		246
4.8 The Role of Experts		246
4.9 Possibility of Multiple Proceedings		246
5. Sanctions and Remedies in Criminal Cartel Enforcement		246
5.1 Imposition of Sanctions/Fines		246
5.2 Plea Bargaining/Settlement		247
5.3 Effect of Liability Being Established		248
5.4 Sanctions and Penalties in Criminal Proceedings		249
5.5 History of Criminal Sanctions		249
5.6 Relevance of Effective Compliance Programmes		249
5.7 Mandatory Consumer Redress		249
5.8 Judicial Review or Appeal		249
5.9 Timeline of Cartel Enforcement Process		249
6. Civil Litigation		249
6.1 Private Rights of Action		249
6.2 Collective Action		250
6.3 Indirect Purchasers and “Passing On” Defences		251
6.4 Evidence Obtained From Governmental Investigations/Proceedings		251
6.5 Frequency of Completion of Litigation		251
6.6 Attorneys’ Fees		251
6.7 Costs/Fees		251
6.8 Judicial Review or Appeal		251
7. Trends in Cartel Enforcement		252
7.1 Information Sharing as a Cartel Offence		252
7.2 Use of AI and Algorithms		252
7.3 Monopolisation as a Cartel Offence		252
7.4 Focus on Certain Industries/Sectors		252
7.5 Use of Messaging Applications and Chat Platforms		253
7.6 “No Poach” and Labour Market Allocation Conduct		253
7.7 Leniency v Ex Officio Investigations		253
7.8 Domestic v International Investigations		253
7.9 Environmental, Social and Governance (ESG) Cartels		253
7.10 Crisis Cartels		253
1. Cartels Law and Regulation		262
1.1 Legal Bases		262
1.2 Regulatory/Enforcement Agencies and Penalties		262
1.3 Private Enforcement		263
1.4 “Cartel Conduct”		264
1.5 Limitation Periods		264
1.6 Jurisdiction		264
1.7 Principles of Comity		265
1.8 Enforcement Priorities		265
1.9 Guides Published by Governmental Authorities		266
2. Early Stages of Cartel Enforcement		266
2.1 Initial Investigation		266
2.2 Dawn Raids/Search Warrants		267
2.3 Spoliation of Evidence		268
2.4 Role of Counsel		268
2.5 Obtaining Evidence/Testimony		269
2.6 Attorney-Client and Other Privileges		269
2.7 Non-Cooperation		270
2.8 Protection of Confidential/Proprietary Information		270
2.9 Arguments Against Enforcement Actions		271
3. Leniency, Immunity and Whistle-Blower Regimes		272
3.1 Leniency		272
3.2 Amnesty/Immunity		273
3.3 Whistle-Blowers		273
4. Procedural Framework for Cartel Enforcement		273
4.1 Obtaining Evidence From Employees		273
4.2 Obtaining Documentary Evidence From Subject/Target Companies		274
4.3 Obtaining Evidence From Entities Outside the Jurisdiction		274
4.4 Domestic Inter-Agency Co-Operation		275
4.5 International Inter-Agency Co-Operation		275
4.6 Issuing Criminal Indictments		275
4.7 Issuing Civil Complaints		276
4.8 The Role of Experts		276
4.9 Possibility of Multiple Proceedings		276
5. Sanctions and Remedies in Criminal Cartel Enforcement		276
5.1 Imposition of Sanctions/Fines		276
5.2 Plea Bargaining/Settlement		277
5.3 Effect of Liability Being Established		278
5.4 Sanctions and Penalties in Criminal Proceedings		278
5.5 History of Criminal Sanctions		278
5.6 Relevance of Effective Compliance Programmes		279
5.7 Mandatory Consumer Redress		279
5.8 Judicial Review or Appeal		279
5.9 Timeline of Cartel Enforcement Process		280
6. Civil Litigation		281
6.1 Private Rights of Action		281
6.2 Collective Action		281
6.3 Indirect Purchasers and “Passing On” Defences		281
6.4 Evidence Obtained From Governmental Investigations/Proceedings		282
6.5 Frequency of Completion of Litigation		282
6.6 Attorneys’ Fees		282
6.7 Costs/Fees		282
6.8 Judicial Review or Appeal		283
7. Trends in Cartel Enforcement		283
7.1 Information Sharing as a Cartel Offence		283
7.2 Use of AI and Algorithms		284
7.3 Monopolisation as a Cartel Offence		284
7.4 Focus on Certain Industries/Sectors		284
7.5 Use of Messaging Applications and Chat Platforms		285
7.6 “No Poach” and Labour Market Allocation Conduct		285
7.7 Leniency v Ex Officio Investigations		286
7.8 Domestic v International Investigations		286
7.9 Environmental, Social and Governance (ESG) Cartels		286
7.10 Crisis Cartels		287
1. Cartels Law and Regulation		296
1.1 Legal Bases		296
1.2 Regulatory/Enforcement Agencies and Penalties		296
1.3 Private Enforcement		297
1.4 “Cartel Conduct”		297
1.5 Limitation Periods		300
1.6 Jurisdiction		300
1.7 Principles of Comity		300
1.8 Enforcement Priorities		301
1.9 Guides Published by Governmental Authorities		302
2. Early Stages of Cartel Enforcement		302
2.1 Initial Investigation		302
2.2 Dawn Raids/Search Warrants		302
2.3 Spoliation of Evidence		304
2.4 Role of Counsel		305
2.5 Obtaining Evidence/Testimony		305
2.6 Attorney-Client and Other Privileges		305
2.7 Non-Cooperation		306
2.8 Protection of Confidential/Proprietary Information		306
2.9 Arguments Against Enforcement Actions		306
3. Leniency, Immunity and Whistle-Blower Regimes		307
3.1 Leniency		307
3.2 Amnesty/Immunity		308
3.3 Whistle-Blowers		308
4. Procedural Framework for Cartel Enforcement		308
4.1 Obtaining Evidence From Employees		308
4.2 Obtaining Documentary Evidence From Subject/Target Companies		308
4.3 Obtaining Evidence From Entities Outside the Jurisdiction		309
4.4 Domestic Inter-Agency Co-Operation		309
4.5 International Inter-Agency Co-Operation		309
4.6 Issuing Criminal Indictments		309
4.7 Issuing Civil Complaints		309
4.8 The Role of Experts		310
4.9 Possibility of Multiple Proceedings		310
5. Sanctions and Remedies in Criminal Cartel Enforcement		310
5.1 Imposition of Sanctions/Fines		310
5.2 Plea Bargaining/Settlement		310
5.3 Effect of Liability Being Established		311
5.4 Sanctions and Penalties in Criminal Proceedings		311
5.5 History of Criminal Sanctions		311
5.6 Relevance of Effective Compliance Programmes		312
5.7 Mandatory Consumer Redress		312
5.8 Judicial Review or Appeal		312
5.9 Timeline of Cartel Enforcement Process		313
6. Civil Litigation		313
6.1 Private Rights of Action		313
6.2 Collective Action		313
6.3 Indirect Purchasers and “Passing On” Defences		314
6.4 Evidence Obtained From Governmental Investigations/Proceedings		314
6.5 Frequency of Completion of Litigation		314
6.6 Attorneys’ Fees		314
6.7 Costs/Fees		314
6.8 Judicial Review or Appeal		314
7. Trends in Cartel Enforcement		314
7.1 Information Sharing as a Cartel Offence		314
7.2 Use of AI and Algorithms		315
7.3 Monopolisation as a Cartel Offence		315
7.4 Focus on Certain Industries/Sectors		315
7.5 Use of Messaging Applications and Chat Platforms		315
7.6 “No Poach” and Labour Market Allocation Conduct		315
7.7 Leniency v Ex Officio Investigations		316
7.8 Domestic v International Investigations		316
7.9 Environmental, Social and Governance (ESG) Cartels		316
7.10 Crisis Cartels		316
1. Cartels Law and Regulation		327
1.1 Legal Bases		327
1.2 Regulatory/Enforcement Agencies and Penalties		327
1.3 Private Enforcement		328
1.4 “Cartel Conduct”		328
1.5 Limitation Periods		329
1.6 Jurisdiction		329
1.7 Principles of Comity		330
1.8 Enforcement Priorities		330
1.9 Guides Published by Governmental Authorities		330
2. Early Stages of Cartel Enforcement		330
2.1 Initial Investigation		330
2.2 Dawn Raids/Search Warrants		331
2.3 Spoliation of Evidence		332
2.4 Role of Counsel		332
2.5 Obtaining Evidence/Testimony		333
2.6 Attorney-Client and Other Privileges		333
2.7 Non-Cooperation		333
2.8 Protection of Confidential/Proprietary Information		333
2.9 Arguments Against Enforcement Actions		334
3. Leniency, Immunity and Whistle-Blower Regimes		334
3.1 Leniency		334
3.2 Amnesty/Immunity		336
3.3 Whistle-Blowers		336
4. Procedural Framework for Cartel Enforcement		336
4.1 Obtaining Evidence From Employees		336
4.2 Obtaining Documentary Evidence From Subject/Target Companies		336
4.3 Obtaining Evidence From Entities Outside the Jurisdiction		337
4.4 Domestic Inter-Agency Co-Operation		337
4.5 International Inter-Agency Co-Operation		337
4.6 Issuing Criminal Indictments		337
4.7 Issuing Civil Complaints		337
4.8 The Role of Experts		339
4.9 Possibility of Multiple Proceedings		339
5. Sanctions and Remedies in Criminal Cartel Enforcement		339
5.1 Imposition of Sanctions/Fines		339
5.2 Plea Bargaining/Settlement		339
5.3 Effect of Liability Being Established		339
5.4 Sanctions and Penalties in Criminal Proceedings		339
5.5 History of Criminal Sanctions		339
5.6 Relevance of Effective Compliance Programmes		340
5.7 Mandatory Consumer Redress		340
5.8 Judicial Review or Appeal		340
5.9 Timeline of Cartel Enforcement Process		340
6. Civil Litigation		341
6.1 Private Rights of Action		341
6.2 Collective Action		341
6.3 Indirect Purchasers and “Passing On” Defences		341
6.4 Evidence Obtained From Governmental Investigations/Proceedings		341
6.5 Frequency of Completion of Litigation		342
6.6 Attorneys’ Fees		342
6.7 Costs/Fees		342
6.8 Judicial Review or Appeal		343
7. Trends in Cartel Enforcement		343
7.1 Information Sharing as a Cartel Offence		343
7.2 Use of AI and Algorithms		343
7.3 Monopolisation as a Cartel Offence		343
7.4 Focus on Certain Industries/Sectors		343
7.5 Use of Messaging Applications and Chat Platforms		344
7.6 “No Poach” and Labour Market Allocation Conduct		344
7.7 Leniency v Ex Officio Investigations		344
7.8 Domestic v International Investigations		344
7.9 Environmental, Social and Governance (ESG) Cartels		344
7.10 Crisis Cartels		344
1. Cartels Law and Regulation		357
1.1 Legal Bases		357
1.2 Regulatory/Enforcement Agencies and Penalties		357
1.3 Private Enforcement		357
1.4 “Cartel Conduct”		357
1.5 Limitation Periods		358
1.6 Jurisdiction		358
1.7 Principles of Comity		358
1.8 Enforcement Priorities		359
1.9 Guides Published by Governmental Authorities		359
2. Early Stages of Cartel Enforcement		359
2.1 Initial Investigation		359
2.2 Dawn Raids/Search Warrants		360
2.3 Spoliation of Evidence		360
2.4 Role of Counsel		360
2.5 Obtaining Evidence/Testimony		361
2.6 Attorney-Client and Other Privileges		361
2.7 Non-Cooperation		362
2.8 Protection of Confidential/Proprietary Information		362
2.9 Arguments Against Enforcement Actions		362
3. Leniency, Immunity and Whistle-Blower Regimes		363
3.1 Leniency		363
3.2 Amnesty/Immunity		363
3.3 Whistle-Blowers		363
4. Procedural Framework for Cartel Enforcement		364
4.1 Obtaining Evidence From Employees		364
4.2 Obtaining Documentary Evidence From Subject/Target Companies		364
4.3 Obtaining Evidence From Entities Outside the Jurisdiction		364
4.4 Domestic Inter-Agency Co-Operation		364
4.5 International Inter-Agency Co-Operation		364
4.6 Issuing Criminal Indictments		365
4.7 Issuing Civil Complaints		365
4.8 The Role of Experts		365
4.9 Possibility of Multiple Proceedings		366
5. Sanctions and Remedies in Criminal Cartel Enforcement		366
5.1 Imposition of Sanctions/Fines		366
5.2 Plea Bargaining/Settlement		366
5.3 Effect of Liability Being Established		367
5.4 Sanctions and Penalties in Criminal Proceedings		367
5.5 History of Criminal Sanctions		367
5.6 Relevance of Effective Compliance Programmes		368
5.7 Mandatory Consumer Redress		368
5.8 Judicial Review or Appeal		368
5.9 Timeline of Cartel Enforcement Process		369
6. Civil Litigation		369
6.1 Private Rights of Action		369
6.2 Collective Action		369
6.3 Indirect Purchasers and “Passing On” Defences		369
6.4 Evidence Obtained From Governmental Investigations/Proceedings		369
6.5 Frequency of Completion of Litigation		370
6.6 Attorneys’ Fees		370
6.7 Costs/Fees		370
6.8 Judicial Review or Appeal		370
7. Trends in Cartel Enforcement		370
7.1 Information Sharing as a Cartel Offence		370
7.2 Use of AI and Algorithms		371
7.3 Monopolisation as a Cartel Offence		371
7.4 Focus on Certain Industries/Sectors		371
7.5 Use of Messaging Applications and Chat Platforms		372
7.6 “No Poach” and Labour Market Allocation Conduct		372
7.7 Leniency v Ex Officio Investigations		373
7.8 Domestic v International Investigations		373
7.9 Environmental, Social and Governance (ESG) Cartels		373
7.10 Crisis Cartels		374

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