On 22 May 2025, the U.S. Federal Trade Commission (FTC) and Department of Justice (DOJ) filed a Joint Statement of Interest in a lawsuit led by the State of Texas against three large investment companies. The lawsuit, led by Texas Attorney General Ken Paxton, has been joined by 10 other states and accuses the asset managers of using their positions in climate-focused investment initiatives to manipulate coal markets, driving up the cost of energy and resulting in higher energy prices for American consumers. This action, as the DOJ publicly notes, is the first formal statement by the Agencies in federal court on the antitrust implications of common shareholdings

On 12 May 2025 the newly issued Criminal Division White-Collar Enforcement Plan, the Head of the US Department of Justice (DOJ)’s Criminal Division, Matthew R. Galeotti, set out the Department’s priorities for corporate criminal enforcement under the new Administration and issued a number of updated policy documents.
These changes affect the Criminal Division’s Corporate Enforcement and Voluntary Self-Disclosure Policy, its policy on the Selection of Monitors (memorialized in the Memorandum on Selection of Monitors in Criminal Division Matters, and the Whistleblower Awards Pilot Program.

Our popular Annual Compliance Conference, which attracts senior in-house legal and compliance professionals every year from across the world, will be held virtually from 3 to 12 June 2025.

The conference will provide you with valuable insights from our international trade, compliance and investigations, regulatory and antitrust lawyers. We will delve into critical topics shaping the future of global businesses such as sanctions, export controls, customs and tariffs, national security laws, antitrust, product regulation, ESG and related enforcement trends.

On 13 February 2025, the US Department of Justice Antitrust Division and the Federal Bureau of Investigation announced the launch of a new online portal to help track and arrest international fugitives believed to be evading prosecution for anticompetitive crimes by remaining abroad. Specifically, the portal features information on individuals who have been publicly charged with competition crimes but have not yet answered the charges in federal court. The portal currently provides identifying information for more than 70 international fugitives charged in connection with DOJ’s long-standing investigations into price fixing and bid rigging conspiracies related to automotive parts, fuel supply contracts to the US Department of Defense, air cargo, and international shipping, among others.

On January 16, 2025, the Department of Justice and the Federal Trade Commission replaced the 2016 Antitrust Guidance for Human Resource Professionals. The new guidelines now titled, Antitrust Guidelines for Business Activities Affecting Workers, reaffirm the major points of the 2016 guidelines. Wage-fixing and no poach agreements remain illegal and sharing wage information may violate the antitrust laws. However, the new guidelines identify a slew of other agreements and practices that can violate antitrust laws, including franchisee agreements with employment restraints, non-compete clauses, overly broad non-disclosure agreements, and other employment restraints.

On January 14, 2025, the Department of Justice, Antitrust Division and Department of Labor, Occupational Safety and Health Administration issued a Joint Statement, asserting that non-disclosure agreements (NDAs) undermine whistleblower protection laws, including the Criminal Antitrust Anti-Retaliation Act (CAARA), when they deter or prevent an employee from coming forward. The Antitrust Division noted they are focused on allowing individuals to report antitrust violations without the fear of retaliation. The Joint Statement also warns against using NDAs as an improper shield to obstruct an investigation, which may result in separate federal criminal violations for companies.

On December 11, 2024, the US Department of Justice and the Federal Trade Commission announced the withdrawal of the 2000 Antitrust Guidelines for Collaborations Among Competitors. These guidelines outlined the agencies’ views on how competitor collaborations should be analyzed under the antitrust laws and provided “safety zones” for certain types of collaborations that the agencies stated would not be subject to challenge.
The FTC vote to withdraw the guidelines was 3-2, with the two Republican commissioners writing dissenting statements criticizing the FTC’s Democratic leadership for the timing of its decision—noting the upcoming change of administration and the lack of action for the preceding ~four years.

On 12 November 2024, the US Department of Justice Antitrust Division updated its Evaluation of Corporate Compliance Programs in Criminal Antitrust Investigations (ECCP). The additions include guidance such as using “managers at all levels” to “set the tone from the middle” by “demonstrating to employees the importance of compliance,” establishing policies that account for the use of “ephemeral messaging or non-company methods of communication,” applying “data analytics tools in . . . compliance and monitoring,” and involving compliance personnel in “the deployment of AI and other technologies to assess the risks they may pose.” Additionally, the ECCP now addresses its application to civil investigations.

The U.S. Supreme Court has denied appeals from both parties from the December 1, 2023, decision of the U.S. Court of Appeals for the Fourth Circuit reversing DOJ’s criminal conviction of a former executive of an aluminum products manufacturer for failure to state a per se antitrust offense under the Sherman Act. The Fourth Circuit held that the trial court erred in applying the per se rule without considering that the alleged scheme took place within the context of a “dual distribution” relationship among competing bidders, who also maintained a supplier relationship. The Fourth Circuit denied DOJ’s petition for an en banc rehearing.

On 23 September 2024, the US Department of Justice Criminal Division issued an updated version of its Evaluation of Corporate Compliance Programs document. DOJ uses the Evaluation Guidance to assess the adequacy of compliance programs in place at companies subject to its criminal enforcement activities. DOJ has updated the Evaluation Guidance periodically since its release in 2017 to align with evolving DOJ policies, priorities, and compliance best practices. This latest iteration reflects current DOJ investigation and enforcement priorities and the increasing relevance of artificial intelligence and other emerging technologies to companies, their compliance programs, and DOJ’s enforcement efforts. DOJ also updated the Evaluation Guidance to encourage companies to: 1) incorporate a lessons-learned approach; 2) focus on compliance due diligence and integration in acquisitions; and 3) properly incentivize internal reporting of wrongdoing.