In recent weeks, US antitrust enforcers provided more guidance in this space, while also signaling enforcement priorities. Recent developments include active litigation (Agri-Stats), amicus-style interventions (Frozen Potato Products), and calls for comments on potential new guidance on collaborations and information sharing. Continue Reading The Latest Intelligence: Antitrust Developments Impacting Providers and Users of Algorithmic Tools
On February 24, 2026, the SEC Division of Enforcement (“Division”) released the first updates to its Enforcement Manual (“Manual”) since 2017. The updates—which the SEC characterized as underscoring its “ongoing commitment to fairness, transparency, and efficiency in the investigations conducted by the Division”—are an important window into the Division’s expected approach to investigations and will influence strategic decision-making by respondents and their counsel. While many early commentators have described the changes as significant, the revisions are better understood not as a sharp break from the past, but as a formalization of approaches the Division has employed in recent years with targeted enhancements layered on top. Continue Reading SEC Enforcement Division Revises Its Playbook: What the Updated Manual Signals About Enforcement Practices and Defense Strategy
As 2026 begins, enforcement actions and private litigation involving algorithmic pricing and information-sharing arrangements remain active. Agencies and courts continue to test how traditional antitrust principles apply to pricing tools and data-driven coordination theories. New state legislation has gone into effect in California and New York, adding a layer of uncertainty for providers and users of revenue management software and related tools. Continue Reading Algorithmic Collusion: State of Play and What to Watch in 2026
Recent Developments
Recently Filed Complaints
Residential Mortgage Borrowers Allege Residential Mortgage Originators Exchange Sensitive Information and Fix Loan Prices – Mendez v. Optimal Blue, LLC, No. 25-cv-1140 (M.D. Tenn.)
On 29 September 2025, the United Kingdom (“UK”) and the European Union (“EU”) reimposed Iran-related sanctions that were lifted in 2016 following the Iran nuclear deal. The UK and EU have made clear that these steps follow Iran’s failure to comply with its obligations under the Iran nuclear deal (the “Nuclear Deal”)[1], as endorsed by United Nations (“UN”) Security Council Resolution 2231 (2015) (“UNSCR 2231”). This change marks an abrupt end to a period when Europe took a more open approach to doing business with Iran, while the United States (“U.S.”) had maintained a comprehensive sanctions program against Iran. We discuss below some of the key restrictions that have been reimposed and the practical implications this is likely to have for businesses. Continue Reading Iranian Sanctions “Snapback”: Implications for Businesses of the Reimposition of EU and UK Sanctions
On October 3, 2025, the United States Court of Appeals for the Sixth Circuit upheld the application of the attorney-client privilege and work product doctrine to internal investigations. The Sixth Circuit’s decision to grant a writ of mandamus In re: FirstEnergy Corp., No. 24-3654 (6th Cir. Oct. 3, 2025) reversed the district court’s order compelling production of documents related to internal investigations commenced by FirstEnergy Corporation. Continue Reading United States Court of Appeals for the Sixth Circuit Grants Writ of Mandamus to Preserve Privilege for Internal Investigations
September 15–29, 2025
Guidelines for Assessing and Mitigating Antitrust Risk
Following are some of the key issues we have seen emerge as we monitor these areas of the law and some questions you might consider asking about the software provided or used by your business.
On February 21, 2025, President Donald J. Trump released a National Security Presidential Memorandum (“Memorandum”) proposing broad revisions to the inbound and outbound investment screening review processes maintained and administered by the U.S. Department of the Treasury (“Treasury”), including the Committee on Foreign Investment in the United States (“CFIUS”). Continue Reading Trump Administration Proposes Significant Changes to CFIUS and the Outbound Investment Review Processes
In its recent decision in Manti Holdings, LLC v. The Carlyle Group Inc., C.A. No. 2020-0657-SG (Del. Ch. Jan. 7, 2025), the Delaware Court of Chancery reaffirmed the high bar plaintiffs must meet to show that a private equity fund’s motivation to complete the sale of a portfolio company prior to the end of the fund’s life creates a problematic conflict of interest. Continue Reading Delaware Court of Chancery Clarifies Controller Transaction Conflict of Interest Rules
Public companies would be well advised, on a lovely, clear day (in the Delaware sense), to update their advance notice bylaws. In the normal course these bylaws receive little attention, but in the event of an activist campaign they are critical to the board’s ability to discharge its fiduciary duties. The board will have a positive duty to inform itself, among other things, of the activist’s plans and proposals, the degree of the activist’s financial alignment with long-only stockholders, and the qualifications and independence of the activist’s nominees. This information will inform any settlement discussions, support a recommendation for or against the activist’s nominee and allow the board to ensure that stockholders receive accurate and timely disclosure regarding the nomination. Continue Reading Alignment Advance Notice Bylaw