Federal antitrust enforcers have turned their attention to Section 8 of the Clayton Antitrust Act, which prohibits a person from simultaneously serving as an officer or on the board of directors of competing corporations, with limited exceptions.
The Justice Department announced in October 2022 that seven directors had resigned from corporate board positions in response to Antitrust Division concerns that their roles violated this prohibition on interlocking directorates. The DOJ also said that its announcement was part of a broader review of potentially unlawful interlocking directorates.
S&C’s experienced antitrust lawyers work with companies facing Section 8 concerns, and advise companies on compliance with Section 8.
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Partner Contacts
Renata Hesse is head of the Firm’s Antitrust Group. Her practice focuses on antitrust counseling, cartels and merger clearance, criminal antitrust investigations, including advising clients on no-poach agreements and other wage-fixing and labor market investigations.
Renata joined Sullivan & Cromwell following a distinguished career in government, including leading the Antitrust Division at the Department of Justice twice as Acting Assistant Attorney General and serving at the Division for more than 15 years. She also served as Senior Counsel to the Chairman of the Federal Communications Commission
Joseph Matelis is a partner in S&C’s Litigation Group and a seasoned antitrust lawyer with deep government experience. His practice focuses on antitrust matters, including merger reviews, other civil and criminal government proceedings involving competition issues, litigation, and counseling, including advising clients about no-poach and wage-fixing agreements. He has extensive experience advising on Section 8, particularly for financial institutions.
Joe rejoined Sullivan & Cromwell from the U.S. Department of Justice’s Antitrust Division, where he served as Counsel to eight Assistant Attorneys General and Acting Assistant Attorneys General and as the Division’s Chief Counsel for Innovation.
Samantha Hynes is a partner in the Firm’s Litigation Group. Her practice focuses on antitrust matters, including civil litigation and merger reviews at the U.S. Department of Justice and the Federal Trade Commission, and also includes commercial litigation matters.