Antitrust Damages: The Role of Economics
Amsterdam, The Netherlands
28 October 2004
Hosted By: Clifford Chance LLP
Dr. Mark Williams, a Director in NERA's London and Brussels offices, delivered a presentation at this seminar organized by Clifford Chance LLP on damages claims for antitrust breaches on 28 October 2004.
This seminar addressed a timely topic, in the light of the recent modernization of EC competition law, which has seen the introduction of a more decentralized system of enforcement, with the Commission making it clear that this reform may be expected to lead to an increase in the private enforcement of competition law, including claims for damages. In the UK in 2004, in Crehan vs. Inntrepreneur Pub Company, the Court of Appeal has provided the first precedent in the English courts for an award of damages for breach of Article 81(1) EC.
Clifford Chance speakers addressed these and other recent developments with significance for establishing damages in antitrust actions: Geert van der Klis (Clifford Chance Amsterdam) examined Continental Europe and the Netherlands, Elizabeth Morony (Clifford Chance London) examined the UK, and Michael Naughton (Clifford Chance New York) examined the US.
Dr. Williams addressed the role of economics in assessing antitrust damages, as well as different types of economic damage, such as overcharge, business cessation and "umbrella" sales. He also discussed the relevant counterfactual for assessing damages cases, and economic techniques for assessing damages including "pre-post" tests, yardstick comparisons, and econometrics. Dr. Williams discussed these issues in the context of various types of antitrust violation including cartels, predatory pricing, bundling/tying and vertical foreclosure.
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