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ARTICLE · 17 APRIL 2024

Antitrust Division's Updated Leniency Policy Impacts Leniency For Acquirors

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The Antitrust Division of the Department of Justice has quietly made a change to its Leniency Policy and Procedures (the "Leniency Policy") that could impact companies involved in transactions that discover potential antitrust.

United StatesAntitrust/Competition Law
Thomas Mueller
Thomas Mueller
Esperanza Gilbert
Esperanza Gilbert
Gannam Rifkah
Gannam Rifkah
John W. O'Toole
John W. O'Toole
Nana Wilberforce
Nana Wilberforce
Perry A. Lange
Perry A. Lange
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I. Introduction

The Antitrust Division of the Department of Justice has quietly made a change to its Leniency Policy and Procedures (the "Leniency Policy") that could impact companies involved in transactions that discover potential antitrust violations by the acquisition target.1 Although the updated Leniency Policy was posted to the Antitrust Division's Leniency Program webpage in early March,2 and corresponding changes have been made to the Department of Justice ("DOJ") Justice Manual Section on Voluntary Self-Disclosures,3 the Antitrust Division has not announced the change and has not issued guidance related to the changes.

The update to the Leniency Policy is the Antitrust Division's implementation of the Mergers & Acquisitions Safe Harbor Policy (the "Safe Harbor Policy") announced by Deputy Attorney General Lisa Monaco last October, which provides for declination of prosecution against acquiring companies. The Antitrust Division's implementation of the

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