It’s been an expensive year for global cartels. A new report from the international law firm Allen & Overy suggests that global antitrust fines went up by 10.5 percent in 2013, totaling just over $4 billion across seven major jurisdictions.
The increase is due to substantial settlements that were imposed against the LIBOR and auto parts cartels, according to the report. These matters “highlight the problems posed by the regulatory enforcement thicket that now exists in complex global matters,” said antitrust partner John Terzaken, in a statement. “Multiple agencies in different countries are more frequently pursuing and punishing the same basic conduct, but under different laws.” Terzaken suggests the authorities must coordinate their global enforcement and be wary of overpunishment.
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