Our Curious Amalgam

Antitrust enforcement policy, like many aspects of our society, has been undergoing important changes over the past decade. What are the big picture trends driving these changes, and how are they reflected in the way the federal agencies enforce the antitrust laws? Former head of DOJ Antitrust Division Gail Slater (now with White & Case*) joins Lexi Michaud and Sergei Zaslavsky to discuss the impact of the unitary executive theory on antitrust, the states' growing role, AI policy, and other hot-button issues in antitrust enforcement. Listen to this episode for a wide-ranging discussion of antitrust enforcement under the current administration.

*This episode was recorded when Gail held the role of Competition and Technology Policy Chair at American Compass, prior to Gail joining White & Case.

With special guest:

Gail Slater, White & Case

Related Links:

Commonplace, Gail Slater, "The Feds Don't Have an Antitrust Monopoly"Commonplace, Gail Slater, "Antitrust in the Time(s) of Tariffs"

Hosted by:

Sergei Zaslavsky, O’Melveny & Myers and Lexi Michaud, Fried Frank

Verisk's $2.35 billion acquisition of AccuLynx unexpectedly drew FTC scrutiny when Verisk, after announcing its acquisition of AccuLynx, stopped pursuing an enhanced pricing integration with AccuLynx's competitor ServiceTitan, prompting the FTC to explore a novel "market reset" theory. The Delaware Court of Chancery later held that Verisk could not terminate the deal because its own "willful conduct" was the primary cause of the deal failing to satisfy the HSR closing condition and ordered specific performance. What happened to make this deal go wrong, and what can we learn from it? David Pearl, partner at HSF Kramer, joins Jeny Maier and Brian Auricchio to discuss the FTC's market-reset theory, the distinction between "willful conduct" and "willful breach," and the implications for drafting merger agreements and assessing antitrust risk.

With special guest: David Pearl, Partner, HSF Kramer Related Links: Delaware Chancery Court Opinion

Hosted by: Jeny Maier, Axinn and Brian Auricchio, Haug Partners

State-level pre-merger notification requirements are becoming more popular. But what is happening in California? Heather Greenfield, partner at White & Case, joins Jaclyn Phillips and Puja Patel to discuss how California's law fits into an overall notification strategy. Listen to this episode to learn more about what to expect and how to prepare when the law becomes effective on January 1, 2027.

With special guest: Heather Greenfield, Partner, White & Case Hosted by: Jaclyn Phillips, Proskauer Rose and Puja Patel, Cleary Gottlieb Steen & Hamilton

What does competition and litigation risk look like from inside a company operating at the intersection of financial markets, data, technology, and regulation? Kay Lynn Brumbaugh, Head of Litigation, Group Legal at London Stock Exchange Group plc (LSEG), joins Anora Wang and Matthew Hall to share an in-house perspective on managing disputes in a highly regulated global business. Listen to this episode to learn how issues involving data access, market infrastructure, AI, and overlapping regulatory regimes look from inside the client.

With special guest: Kay Lynn Brumbaugh, Head of Litigation, Group Legal, London Stock Exchange Group plc Related Links: LSEG website

Hosted by: Anora Wang, Quinn Emanuel and Matthew Hall, McGuireWoods

The Federal 340B Drug Pricing Program has grown from a modest drug discount program into a massive federal program involving pharmaceutical manufacturers, hospitals, pharmacies, insurers, and third-party administrators. But when can similar conduct by participants in this program suggest coordination or raise other competition concerns? Archan Ruparel, economist at Charles River Associates, joins Brian Auricchio and Jaclyn Phillips to discuss economic considerations when evaluating potential antitrust concerns relating to 340B. Listen to this episode to learn more about factors that can help analyze this conduct.

With special guest: Archan Ruparel, Charles River Associates Hosted by: Brian Auricchio, Haug Partners and Jaclyn Phillips, Proskauer Rose

What's ahead for the ABA Antitrust Law Section in 2026–2027? Section Chair Melanie Aitken and Counsel to the Chair Christina Skinner join Our Curious Amalgam to discuss Melanie's vision for the Section and her priorities for the coming year. Listen to this episode to learn how under Melanie's leadership, the Section plans to double down on its value to members, strengthen its leadership and processes, and remain a home for vigorous debate and a broad range of perspectives across the antitrust community. With special guests: Melanie Aitken, Chair, ABA Antitrust Law Section and Christina Skinner, Counsel to the Chair, ABA Antitrust Law Section Hosted by: Anora Wang and Lexi Michaud, Fried Frank

The European Court of Justice's judgment in Google Android is one of the most consequential EU competition law judgments of the last decade. But why is it so important? Thomas Höppner, lawyer at Geradin Partners, joins Matthew Hall and Subrata Bhattacharjee to discuss the key issues raised and their relevance to abuse of dominance cases generally. Listen to this episode to learn more about counterfactual analysis, the relevance of context and the latest on the as-efficient-competitor test and principle.

With special guest: Thomas Höppner, partner, Geradin Partners Related Links: European Court of Justice judgment, Google Android, 2 July 2026

Hosted by: Matthew Hall, McGuireWoods and Subrata Bhattacharjee, Borden Ladner Gervais

Larry Buterman is one of the rare antitrust attorneys who has successfully first chaired landmark cases both at the DOJ Antitrust Division and in private practice. In this career profile, co-hosts Derek Jackson and Lexi Michaud ask Larry about the differences and similarities in representing the DOJ versus representing a private party, about Larry's trial war stories (including his cross-examination of a famous athlete), about advice for aspiring litigators, and more. Listen to this episode to learn about the experience of an antitrust trial lawyer and how you might become one too.

With special guest: Larry Buterman, Partner, Latham & Watkins LLP Hosted by: Derek Jackson, Cohen & Gresser and Lexi Michaud, Fried Frank

We are re-releasing this episode in tribute to Prof. Randy Picker, who passed away on August 15, 2026. In 2020, Randy joined co-hosts Anora Wang and John Roberti for an episode on the 13-year-long U.S. antitrust case against IBM brought in 1969, exploring how U.S. antitrust dealing with tech ranges from early government cases involving punch cards to government probes into today's platforms, and how antitrust enforcement can impact the technology landscape for decades later. Years later, the episode holds up remarkably well - the questions Randy raised about whether the antitrust past would repeat itself in the tech world remain just as central to today's platform antitrust cases and debates over Big Tech enforcement. We share Randy's episode again in celebration of his generosity, insight, and decades of contribution to antitrust scholarship.

With special guest: Randal C. Picker, James Parker Hall Distinguished Service Professor of Law, University of Chicago Law School Related Links: Randal C. Picker, renowned legal scholar, 1959-2026

Hosted by: Lexi Michaud, Fried Frank; Anora Wang; and John Roberti, Zaiger Linden Roberti & Pepe

Several U.S. states have recently passed legislation aimed at AI pricing tools that use consumer or competitor data. What is driving this spate of legislation, what different approaches are the states taking, and are the states sufficiently accounting for possible unintended consequences? In this episode, hosts Sergei Zaslavsky and Alicia Downey talk to Orrick partner Shannon Yavorksy about the pros and cons of AI pricing and the emerging regulatory patchwork in this area. Listen to this episode to hear about the latest developments in AI pricing regulation and what the future might hold.

With special guest: Shannon Yavorksy, Partner, Orrick, Herrington & Sutcliffe LLP Related Links: Shannon Yavorsky & David Curtis, Algorithmic Pricing Under Scrutiny: What You Need to Know (June 9, 2026) Hosted by: Sergei Zaslavsky, O'Melveny & Myers and Alicia Downey, Downey Law

For nearly 50 years, the Hart-Scott-Rodino Act has given antitrust enforcers a chance to review deals above a certain value before they can close. What happens when the government concludes a transaction was structured intentionally to slip past that review entirely? On this episode of Our Curious Amalgam, we speak with Evan Miller of Vinson & Elkins about HSR Act avoidance and the FTC's record-setting $12 million settlement with Edwards Lifesciences and Genesis MedTech over Edwards Lifesciences's acquisition of JC Medical from Genesis. We discuss how the JC Medical deal was valued and structured, how the parties' failure to file played a role in the FTC's separate challenge to Edwards's contemporaneous JenaValve acquisition, what deal teams should consider when assessing a transaction close to the HSR threshold, what the settlement signals about the FTC's current approach to premerger notification enforcement, and more.

With special guest: Evan Miller, Vinson & Elkins LLP Hosted by: Lexi Michaud, Fried Frank and Jeny Maier, Axinn

State legislatures across the country are taking aim at subscription traps and deceptive cancellation practices — but what does effective consumer protection actually look like at the state level? Erin Witte, Senior Counsel to the New Jersey Attorney General and former Director of Consumer Protection at the Consumer Federation of America, speaks with Anna Olson and Anora Wang about the growing wave of state click-to-cancel legislation targeting subscription traps and dark patterns. Listen to this episode to learn what makes a strong state law, how enforcement actions actually unfold, and what the patchwork of state protections means for consumers and businesses alike.

With special guest: Erin Witte, Senior Counsel to the New Jersey Attorney General Related Links: New Jersey Office of Attorney General

Hosted by: Anna Olson, Drake University Law School and Anora Wang, Arnold & Porter

Singapore's Competition and Consumer Commission — CCS — has been enforcing competition law for roughly two decades and more recently consumer protection laws as well. How does a small, open, trade-dependent city-state design and enforce a competition regime that punches above its weight — and what does that mean for global practitioners? Mr. Loke Shiu Meng, Assistant Chief Executive of the CCS overseeing Legal Enforcement, joins Subrata Bhattacharjee and Anora Wang to discuss Singapore's enforcement arc, its voluntary merger regime, the agency's push against dark patterns and unfair trade practices, and how CCS navigates its role as a neutral hub in an increasingly fractured geopolitical landscape.

With special guest: Loke Shiu Meng, Assistant Chief Executive, Competition and Consumer Commission of Singapore (CCS) Related Links:

• CCS's media release on the issuance of the Fast Track Guidelines
• CCS's media release on revisions to our Merger Guidelines
• Singapore High Court Decision in CCS v. CNL Logistic Solutions Pte Ltd and Gilmon Transportation & Warehousing Pte Ltd [2026]
• CCS's media release on the High Court Decision

Hosted by: Subrata Bhattacharjee, Borden Ladner Gervais and Anora Wang, Arnold & Porter

Competition law isn't just for antitrust lawyers anymore—it's increasingly a boardroom issue. What questions should directors be asking to ensure their companies are identifying and managing competition risk before it becomes a crisis? Julie Goshorn, whose career spans the DOJ, FTC, private practice at Arnold & Porter, and global in-house leadership at Visa, speaks with Jeny Maier and Anora Wang about why corporate boards should view antitrust as an enterprise risk alongside cybersecurity, financial controls, and compliance. Listen to this episode to learn about the board's oversight role, lessons from recent Delaware fiduciary duty cases, and the practical questions every director should be asking to help protect long-term enterprise value.

With special guest: Julie Goshorn Related Links: Julie Goshorn on LinkedIn

Hosted by: Jeny Maier, Axinn and Anora Wang, Arnold & Porter

Digital financial services are transforming the way we bank, borrow, save, invest, and make payments. But are these innovations creating more competitive markets, or are they simply fostering new forms of market power? On this episode of Our Curious Amalgam, we speak with Beatriz Marques of the OECD Competition Division about the evolving competitive landscape in digital finance. We explore the role of FinTechs, incumbent banks, card networks, and BigTech platforms; the importance of data, interoperability, and open banking; and what competition authorities can do to foster innovation while protecting competition and consumers in an increasingly digital financial ecosystem.

With special guest: Beatriz Marques, OECD Related Links: OECD (2025), "Competition in mobile payment services", OECD Roundtables on Competition Policy Papers, No. 324, OECD Publishing, Paris

OECD (2025), "Balancing prudential regulation and competition considerations in banking", OECD Roundtables on Competition Policy Papers, No. 329, OECD Publishing, Paris

OECD (2026), "Banking Unbundled: Competition in the Age of Digitalisation"

Hosted by: Anora Wang, Arnold & Porter and Lexi Michaud, Fried Frank

Vertical merger review has long rested on the principle that competitive harm is most likely when a merged firm has both the ability and incentive to foreclose rivals, yet courts and enforcers often struggle to establish that harm empirically. But can potentially anticompetitive vertical integrations be screened in advance using observable market characteristics? Charles Hodgson, Assistant Professor of Economics at Yale University and Faculty Research Fellow at the NBER, and Shilong Sun, Senior Economist at Compass Lexecon, join Anora Wang and Panos Dimitrellos to discuss how evidence from the Chinese film industry sheds light on when vertical foreclosure is likely to emerge, why downstream concentration and upstream product substitutability matter, and how these findings may inform modern merger review across industries ranging from movie theaters to digital platforms. Listen to this episode to learn more about how a practical screening framework for vertical mergers could help identify when foreclosure concerns are most likely to arise and provide enforcers and practitioners with a more evidence-based approach to assessing competitive harm.

With special guests: Charles Hodgson, Professor, Yale and Shilong Sun, Dr., Compass Lexecon Related Links:

• Charles Hodgson bio
• Shilong Sun bio
• Heterogeneity in Vertical Foreclosure: Evidence from the Chinese Film Industry

Hosted by: Panos Dimitrellos, Secretariat Economists and Anora Wang, Arnold & Porter

AI is transforming all areas of legal practice. But what are the special issues in antitrust? Daniel Schwarz, CEO and Founder of CompetitionAI and a former antitrust attorney at Clifford Chance and the IMF, joins Matthew Hall and Alysha Pannu to discuss the use of AI in antitrust now and in the future and its impact on lawyers and competition authorities. Listen to this episode to learn more about CompetitionAI and the impact of AI on antitrust practice and enforcement.

With special guest: Daniel Schwarz, co-founder, CompetitionAI Related Links: CompetitionAI website Hosted by: Matthew Hall, McGuireWoods and Alysha Pannu, Osler Hoskin & Harcourt

Are you as AI fluent as you should be? The American Bar Association's "21 Days of AI: A Grit and Growth Mindset Challenge" is a free online resource that offers a path toward becoming adept in the use of AI to enhance legal practice and professional development. In this episode, hosts Alicia Downey and James Hunsberger speak with legal innovation strategist and "21 Days of AI" co-author Gabrielle Kohlmeier about the origins of the Challenge and how closing the AI knowledge gender gap was a key driver of the project. Listen and learn how the "21 Days of AI" can level the AI fluency playing field not just for women lawyers, but for anyone contending with the AI revolution in their work and personal life.

With special guest: Gabrielle ZA Kohlmeier, Principal and Founder, GK Strategic Advisory, former Verizon Global Head of Legal Change Related Links: The 21 Days of AI: A Grit and Growth Mindset Challenge

The Grit and Growth Mindset Project Hosted by: Alicia Downey, Downey Law and James Hunsberger, Axinn, Veltrop & Harkrider

What have been the latest competition law developments across the Middle East and Africa in the last year? Nicolas Bremer and John Oxenham join Matthew Hall and Jeny Maier to discuss new filing regimes, agency priorities and hot topics for competition law compliance in jurisdictions across the Middle East, COMESA, and South Africa. Listen to this episode to get up to speed on what to know about these rapidly developing and evolving jurisdictions. With special guests: Nicolas Bremer, Partner, Bremer Law Firm and John Oxenham, Partner, Primerio Hosted by: Matthew Hall, McGuireWoods and Jeny Maier, Axinn, Veltrop & Harkrider

Recently, the role of lobbying in M&A has become the talk of the antitrust bar in current administrations in the U.S. and in other jurisdictions. But what about the related discipline of public affairs? Nat Wood, Managing Director of Rational 360, a strategic communications, public affairs, and crisis management firm, joins Jeny Maier and Puja Patel to discuss what's involved in crafting a public affairs strategy to support an M&A deal and how the playbook is changing in the current administration. Listen to this episode if you want to learn more about the tools of the trade for strategic communications in merger advocacy.

With special guest: Nat Wood, Managing Director, Rational 360 Hosted by: Jeny Maier, Axinn, Veltrop & Harkrider and Puja Patel, Cleary Gottlieb Steen & Hamilton