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Veljanovski talks on the use of economics in class actions at CRESSE

July 2022

Cento Veljanovski gave a presentation to a special policy session at the prestigious CRESSE 16th International Conference on Competition and Regulation, Heraklion, Crete 1-3 July 2022. This brought together economists and lawyers to discuss the use of economics in class actions in the UK, EU and Canada. Cento joined Peter Davis (The Brattle Group), Bruce Kilpatrick (Addleshaw Goddard LLP) Christopher Milde (Compass Lexecon) and Thomas W. Ross (University of British Columbia).

Did the CMA make the right decision to force Meta to sell Giphy?

June 2022

On 20 June 2022 Meta lost its appeal in the UK Competition Appeal Tribunal (CAT) to overturn the Competition and Market Authority’s (CMA) controversial order that it sells Giphy, which it had recently acquired. While the CAT endorsed the CMA’s view that Meta’s acquisition of Giphy would damage future competition, its controversial judgment has raised a debate over the meaning of dynamic competition, the CMA’s procedures, and how much power and discretion should be allowed to the CMA.   Cento Veljanovski joined Victoria Hewson (IEA Head of Regulatory Affairs), Aurelien Portuese (Director of the Schumpeter Project at the Information Technology and Innovation Foundation in Washington) and Iain Murray (Vice President of the Competitive Enterprise Institute in Washington) to discuss the CAT judgment.

The webinar can be viewed on the IEA’s youtube channel HERE

Veljanovski gives evidence to House of Lords on BBC licence fee

April 2022

Cento Veljanovski was invited to give evidence to the House of Lords communications committee on the future of the BBC’s licence fee.

Veljanovski’s cartel damages article listed for antitrust writing award

March 2022

Veljanovski’s article ‘Calculating Cartel Damages’ has been nominated for the best academic article written in the last year by the Antitrust Writing Awards 2022 organised annually by Concurrences and George Washington Law School’s Competition Law Center. It will appear later this year in P. Whelan ed. Research Handbook on Cartels published by Edward Elgar.

Case supports online bra retailer in RPM damage claim

March 2022

Cento Veljanovski is acting as expert for an online retailer claiming damages for an illegal resale price maintenance (RPM) and refusal to supply before the Competition Appeal Tribunal (CAT). 

Hayek’s ‘The meaning of competition’ in a digital age

November 2021

Cento spoke on the relevance of F.A. Hayek’s article ‘The meaning of competition’ published 75 years ago at the joint Institute of Economic Affairs/Information Technology & Innovation Foundation conference The Meaning of Competition; Aggressive Antitrust Enforcement and the Digital Economy held in London, 4 November 2021.  Keynote speakers Chris Philip (Minister for Digital, Culture, Media & Sports) and Michael Grenfell (Executive Director, UK Competition & Markets Authority) were joined by Thibault Schrepel (VU Amsterdam), Aurelien Portuese (ITIF/George Mason University), Christian Ahlborn (Linklaters), Renato Nazzini (Kings College London) and Diane Coyle (Cambridge University). 

The conference can be viewed on youtube HERE

Cartel damages – European approach: lessons for Australia

September 2021

The Federation Press has published Current Issues in Competition Law, Volumes I and II edited by Michael Gvozdenovic and Stephen Puttick which includes Cento Veljanovski’s ‘Cartel Damages: Quantification, Uncertainties and a Future Approach’  (Vol. 2: Ch4) among many other  original contributions.  Congratulations to the editors for their initiative and scholarship. 

The Federation Press is currently offering the two-volume set for Aus $290 (reduced from Aus $360).  Order direct here.

Merricks collective action finally gets certified

August 2021

The UK Competition Appeal Tribunal (CAT) on 18 August 2021 finally granted Mr Merricks a collective proceeding order (CPO) to pursue his class action against Mastercard four years and two appeals after the CAT refused his original CPO application.  The decision now sets out a clear path for the certification ending the uncertainty that has stalled the UK’s new collective action regime. Cento Veljanovski was an expert for Mr Merricks. His methodology to calculate damages was fully accepted by the CAT, Court of Appeal and UK Supreme Court. Boris Bronfentrinker, on behalf of the Merricks legal team said we are

‘very grateful for your [Cento’s] tremendous efforts through the CPO stage, and you will forever be the expert witness who came up with the methodology that was considered sufficient to get a CPO.

Download the CAT’s judgment HERE 

What do we know about machine collusion

August 2021

Cento participated in a policy session exploring ‘Algorithms and Competition Policy’ at CRESSE’s 13th International Conference on Competition and Regulation held in Crete. Other panellists included Vincenzo Denicolò (Bologna University), Rosa Abrantes-Metz (Brattle Group), Jai-Uwe Kuhn (UEA) and Michal Gal (Haifa University). His talk is published in the Journal of European Competition Law & Practice 

UK Supreme Court backs Merricks’ collective action against Mastercard

December  2020

The UK Supreme Court in a split 3 to 2 decision in Mastercard v Walter Hugh Merricks CBE [2020] UKSC 51 held that the Competition Appeal Tribunal (CAT) was wrong to reject Mr Merricks’ application for a Collective Proceeding Order (CPO) which would have allowed his opt-out collective action on behalf of 46 million UK claimants to go to trial. The judgment clarifies the law and removes the uncertainty over the UK’s new collective certification procedure which has been stalled.  Cento Veljanovski, Managing Partner of Case, was expert for Mr. Merricks. 

Veljanovski speaks on competitor collaboration on CIIAI Antitrust Webinar

September  2020

Cento Veljanovski gave a presentation entitled ‘Crises, Cartels and Antitrust’ to the China Institute of International Antitrust and Investment’s (CIIAI) antitrust webinar on 15 September. He examined the case for allowing greater collaboration between competitors including crisis cartels. He was generally negative about loosening antitrust to allow greater cooperation or the suspension of anti cartel prohibitions perhaps with the exception of conservation cartels. The session was chaired by Professor Alison Jones (Kings College, London) with participation from Paul Csiszar (European Commission), Mac Conforti (US Federal Trade Commission) and Craig Seebald (Vinson & Elkins).

Veljanovski’s Cartel Damages – Principles, Measurement and Economics published by OUP 

April 2020

Cento Veljanovski’s  Cartel Damages: Principles, Measurement and Economics is a practical guide on the law, measurement and economics of cartel damages under UK and European competition laws. It draws together the research on cartels, economic analysis, empirical techniques, case law and legislation to examine how the quantification of losses suffered by those harmed by a cartel are, and could be, applied under European and UK competition laws. Detailed discussions of leading cases complement the treatment of the application of economic theory and empirical techniques in competition law and litigation.

For further details and to order online click HERE 

What the reviewers have said:

“Cartel Damages is a magisterial synthesis of the economics of cartel overcharges and antitrust litigation in the UK and European courts.”                                                                                     Professor John Connor, Purdue University

“I would highly recommend this book to a wide range of readers, including lawyers, in-house counsel and economics consultants working in this area, judges who are likely decide on such cases, and academics researching the private enforcement of competition law.”                                                                    Professor Andreas Stephan, UEA

Veljanovski gives Keynote at algorithmic antitrust conference 

March 2020

Cento Veljanovski gave the Keynote on ‘algorithmic antitrust’ at the conference ‘Algorithmic Antitrust: Enforcing Competition Rules in the Age of Algorithms’ held on the 6 March 2020 The conference was organised by St Mary’s University Law School and the Catholic University of Paris (ICP). It was attended by an international gathering of over 50 academics and legal practitioners with papers given by eminent speakers in four sessions covering collusive practices, mergers, abuse of dominance and blockchains. Speakers included Stefan Hunt (CMA), Chris Pike (OECD) and David Bailey QC (Kings College London). 

Veljanovski talks on efficient cartels at Vinson law and economics workshop

December 2019

Cento Veljanovski talked on ‘Efficient Cartels and the Public Interest Defence: Do they exist?’  at the Law and Economics: History and Policy workshop organised by the Vinson Centre for Economics and Entreprenership and the International Center for Law & Economics (ICLE) at the University of Buckingham on the 2-3 December 2019. 

Other speakers include Steven S, Medema, Duke University; Dmitri Boreiko, Free University of Bozen-Bolzano; Ann Sofie Cloots, University of Cambridge; David Gindis, University of Hertfordshire; Geoffrey A. Manne, ICLE; Alain Marciano, University of Montpellier; Julian Morris, ICLE; Shanker Singham, Competere; Anna Tzanaki, Lund University; Cléo Chassonnery-Zaïgouche, University of Cambridge.


Veljanovski gives keynote at state aid conference

December 2019

Cento Veljanovski opened the State Aid & Fair Competition – Can they Co-exist?  conference organised by the Friedrich Naumann Foundation and the Lithuanian Free Market Institute in Brussels on the 4th December 2019. 

The half-day proceedings comprise two panels discussing fair competition and procedural challenges; and state aid and SOEs. An international group of panelists discussed these topics including Koen van de Casteele, Head of Unit, DG COMP State Aid Control.


Veljanovski gives evidence to House of Lord’s Communications C’tee hearings on public service broadcasting

April 2019

The above is an excerpt from the full hearing. 

Merricks wins appeal against CAT’s refusal to certify its collective action against MasterCard

April 2019

In a landmark judgment delivered on 16 April 2019 the English Court of Appeal set aside the Competition Appeal Tribunal’s (CAT) order refusing certification of the class representative Mr Merricks’ £14 billion damages claim against MasterCard for charging excessive interchange fees. Mr Merricks’ collective proceeding order (CPO) application was remitted to the CAT to be reheard, but given the judgment there is no reason why it will not be granted.

The decision vindicates the approach of Mr Merricks’ legal team and the methodology set out in the expert report of Cento Veljanovski (Case Associates) and David Dearman (Mazars).  The Court of Appeal confirms what was a straightforward and reasonable reading of the CAT rules on certification, and gives clarity and certainty to the certification procedure. 

Case are very pleased to have successfully assisted Mr Merricks and his legal team (Ouinn Emanuel) with economic expert evidence.   

Download the Court of Appeal’s decision Walter Merricks v. MasterCard [2019] EWCA Civ 674 here.

Impact of cigarette health warnings

July 2018

Case completed several econometric studies of impact on cigarette sales of pictorial health warnings on cigarette packs in Malaysia, Thailand, Brazil and Mexico.  Using panel regression and timeseries analyses these found no statistical evidence that these packaging regulations reduced cigarette sales.

Electronics cartel damages settled

June 2018

A claim for overcharge damages was successfully settled through mediation against a member of an electronics cartel operating within the EU.  Case undertook an econometric estimate of the overcharges for a range of products, and estimated damages plus interest for the 40 plus indirect purchasers. 

Landmark UK collective action against MasterCard

April 2017

Cento Veljanovski was expert in the landmark consumer collective action Walter Merricks v. MasterCard.   The collective proceedings order (CPO) application before the Competition Appeal Tribunal (CAT) was only the second under the Consumer Rights Act 2015.  Merricks is the largest damage claim in UK legal history made on behalf of over 42 million individuals claiming damages of £14 billion (US$18.2 billion). This is a follow-on action arising from the European Commission’s MasterCard decision of 2007 which found that MasterCard had set excessive default interchange fees.  The CAT refused certification, and the class representative has successfully appealed (see above). 

Impact of plain packaging of cigarettes in Turkey

January 2017

Case completed a study on the prospective impact of the introduction of plain packaging regulation in Turkey.  The study forecast the likely effects of plain packing on cigarette sales, tax revenues and counterfeit cigarette activity.

June 2016

Case assisted a claimant with a preliminary quantification of overcharge damages in a follow-on action against a member of the EU Polyurethane Foam cartel (COMP AT. 39.83).

Case successfully assists UK independent TV programme producers

June 2016

Case’s report Competitive Assessment of the Independent Programme Sector commissioned by Producers Alliance for Cinema and Television (Pact) was submitted to Ofcom’s review of the Terms of Trade (ToT) for commissioning of independent TV programmes.  Case found that the UK TV programme production market was not effectively competitive and dominated by the three public service broadcasters (PSBs).  It concluded that the ToT should remain to offset the market power of the PSBs.  The UK Government agreed with the Case’s conclusions by retaining the ToT but also required the BBC open-up its TV programme commissioning to independent producers.  This was a significant result for the client, well beyond its expectations. 

“debanking” MTOs in New Zealand

June 2016

Cento Veljanovski acted as expert in the New Zealand High Court for a money transfer organisation (MTO) threaten with the closure of its account by Kiwibank as part of its “derisking” in response to anti-money laundering regulations (the AML/CFT Act).  Cento participated in a hot tub giving evidence that the actions of the banks in closing MTO accounts had the “effect” of substantially lessening competition (SLC) under section 27(2) of the Commerce Act 1986. While the court (E-Trans v. Kiwibank) accepted his evidence, it concluded that legally it could only consider the closure of the one bank account, and not the other 100 closed being closed by Kiwibank, and therefore the defendant’s action did not SLC.

Prime broker market

June 2016

Case provided an assessment of whether a prime broker’s action to terminate a hedge fund’s account was an abuse of dominance. 

Margin squeeze in rail ticketing

June 2016

Case undertook an economic assessment of whether UK train operators had engaged in an illegal margin squeeze through the commission rates they set for advance ticket sales to third party online ticketing agents.

Challenge to Lithuanian Competition Council’s Art 101 decision

May 2015

Cento Veljanovski filed an expert report on behalf of G4S in support of an action challenging the Lithuanian Competition Council’s Resolution that G4S had infringed Article 101(1) in the Vilnius Regional Administrative Court, and in a follow-on damage claim in the Vilnius County Court.

Case assists airline in predation case

July 2014

Case assisted the owners of a Lithuanian airline, represented by Motieka & Audzevicius by providing independent estimates of damages caused by another airlines predatory conduct in proceedings before the Vilnius District Court.

MVNO access price controls in Oman

July 2014

Case assisted Connect Arabi/“FRiENDi mobile”, part of the Virgin Mobile Group, to  respond to the Telecommunications Regulatory Authority (TRA) consultations on proposed new access terms and price regulation for Mobile Virtual Network Operators (MVNOs) in Oman.

Irish GPs in High Court

June 2014

Case assisted the Irish Medical Organization (IMO), represent by O’Connor (Dublin), who was prosecution by the Irish Competition Authority for an alleged a breach of Art 101.  Dr Cento Veljanovski filed an expert report which examined the operation of the Irish medical services market and the General Medical Services (GMS) scheme.  The case settled after the first week of proceedings in the High Court (Dublin) with the Competition Authority removing its ban on the IMO and Health Minister discussing GP fees, which was the underlying cause of the dispute.

Brunei communications’ licence fees

June 2014

Case in collaboration with Rajah & Tann (Singapore) advised  Brunei’s communications regulator (AiTi) on fees for the new converged communications licenses.

Stansted airport cargo services escape regulation

May 2014

The UK Civil Aviation Authority (CAA) removed its regulation of passenger services at Stansted airport and also found that the airport operator did not have Significant Market Power (SMP) in the supply of air freight services. Case worked with Hogan Lovells on submissions for the Manchester Airport Group (the owners of Stansted airport) to the CAA which ended 25 years of the regulation of passenger services at Stansted.

Judicial review of LME warehouse contract changes

April 2014

Dr Veljanovski was expert for the London Metal Exchange (LME) as part of its defence to a judicial review action launched by Rusal (the world’s largest aluminum producer) challenging the LME’s changes to metal warehouse contract terms designed to reduce the massive backlog of metal deliveries from LME authorized warehouses. Judgment was given against the LME but later reversed on appeal.

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