When You Lose The Race To Corporate Leniency

While it remains to be seen whether the use of NPAs and DPAs is a growing trend or a unique arrangement for targets of antitrust investigations in the financial services industry, this article examines the background and historical use of these agreements and their re‐emergence in recent antitrust investigations.

March 15, 2013

Law360, New York (March 15, 2013, 12:51 PM ET) ‐‐ In recent years, the Antitrust Division of the U.S. Department of Justice has successfully incentivized cartelists to come forward and provide cooperation in criminal antitrust investigations through its Corporate Leniency Program. To be eligible for leniency under the program, a corporation must be the first entity to provide the DOJ with valuable information regarding an alleged antitrust conspiracy. However, in the wake of recent criminal investigations in the financial services industry, alternative arrangements have emerged for dilatory cartelists who wish to cooperate with the DOJ but have missed the opportunity for corporate leniency.

All Content © 2003‐2013, Portfolio Media, Inc.

The articles on our website include some of the publications and papers authored by our attorneys, both before and after they joined our firm. The content of these articles should not be taken as legal advice. The views and opinions expressed in this article are those of the author(s) and do not necessarily reflect the views or official position of Robins Kaplan LLP.


Kellie Lerner


Co-Chair, Antitrust and Trade Regulation Group;
Pronouns: she/her

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