DOJ Assistant Attorney General Weighs In On "Common Ownership" Debate

In remarks on the application of the antitrust laws to the financial sector at Fordham University School of Law, DOJ Assistant Attorney General Makan Delrahim stated that any theories concerning the common ownership debate and institutional investors must be "rooted in theories of harm" so as to be proven in court. As previously covered, the debate concerns the possible anticompetitive implications of institutional investors holding noncontrolling equity interests in competing firms.

Specifically, Mr. Delrahim advised participants in this debate to remember that:

• theories that would inadvertently harm capital markets should be avoided; and
• any concerns with common ownership must be supported by the law because the Antitrust Division will bring only cases that demonstrate anti-competition.