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Antitrust / Competition

United States: How to navigate the FTC’s new Private Equity frontier

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In brief

Last year, we warned that the Federal Trade Commission was starting to go after directors, owners and private equity firms in control of entities that violated American antitrust laws. That has now proven true.

On 21 September, the FTC filed a 106-page complaint in the US District Court for the Southern District of Texas against US Anesthesia Partners Inc. and its private equity investor, Welsh Carson Anderson & Stowe XI LP.

In this article, originally published in Law360, Baker McKenzie attorneys delve into the complaint and its potential impacts, including acting as an early test of the newly proposed draft merger guidelines where the FTC and the Antitrust Division of the DOJ.

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Author

William Roppolo is the Head of Litigation and Government Enforcement for Baker McKenzie's New York and Miami offices and serves as Co-Chair of the North America Trial Team. He is also Lead Partner of the Miami office. William has successfully tried commercial and criminal cases throughout the United States, including matters involving alleged antitrust, fraud and money laundering violations. He began his legal career investigating financial crimes with the United States Customs Service. William is a former President of the Federal Bar Association's South Florida Chapter and served on the national Federal Bar Association's Professional Ethics Committee. He has published many articles on topics including anti-corruption, PFAS litigation, Federal Trade Commission enforcement trends, and trial strategies.

Author

Mark Weiss is a partner in the Firm's North America Antitrust & Competition Practice Group and the North American Chair of the Practice’s Litigation Task Force. He is a seasoned litigator with deep expertise in antitrust, class action, and federal multi-district litigation and represents clients in high-stakes disputes across a range of industries, with a focus on complex commercial and competition-related claims. Mark defends clients in nationwide class actions and seamlessly navigates the procedural and strategic challenges of MDLs in federal court. Mark’s is also a highly regarded criminal antitrust attorney with significant experience representing clients in complex cartel investigations and enforcement actions. Mark has a strong track record advising corporations and executives in high-stakes matters involving the U.S. Department of Justice’s Antitrust Division, particularly in cases involving leniency and cooperation strategies. He has a deep understanding of the leniency program and is a trusted advisor in navigating cross-border investigations. Mark also has extensive experience as a leading antitrust merger attorney and has led numerous clients through complex regulatory reviews and merger clearance processes. He advises on all aspects of pre-merger strategy, including Hart-Scott-Rodino (HSR) filings, competitive risk assessments, and engagement with the Federal Trade Commission and Department of Justice. Mark advises clients on a wide range of antitrust compliance issues, helping companies design and implement effective compliance programs tailored to their business operations and risk profiles. Mark is an expert in handling matters consistent with recent antitrust trends including artificial intelligence, algorithmic pricing, information-sharing, and both vertical and horizontal practices. He regularly conducts internal audits, risk assessments, and training for legal and business teams, and provides strategic guidance on interactions with competitors, pricing practices, and distribution arrangements.

Author

Ashley Eickhof is a partner in the Firm's North America Antitrust & Competition Practice Group. She has a proven track record of successfully representing multinational corporations and their executives in high-stakes criminal and civil investigations by federal and state agencies, including the US Department of Justice and Federal Trade Commission. In 2024, Ashley was honored as a "Rising Star" by Legal 500 in both antitrust cartel and antitrust civil litigations/class action defense. Drawing upon her background as a federal prosecutor for the Antitrust Division of the US Department of Justice, Ashley brings invaluable insight to her clients, ensuring effective representation in the most complex legal matters.
Ashley serves as Co-Chair of BakerWomen DC and is on the Steering Committee for the Firm’s Cartel Task Force.

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