Second Wave Of Resignations Following The Department Of Justice’s Increased Scrutiny Of Interlocking Directorates
Following previous Clayton Act enforcement efforts prohibiting interlocking directorates, the Department of Justice (“DOJ”) announced on Thursday, March 9, 2023, that five directors have resigned from overlapping board positions, and one company declined to exercise its board appointment rights. This marks the second wave of resignations since DOJ increased its scrutiny of interlocking directorates, bringing the total number of unwound or prevented interlocks to at least 13 directors across ten boards in less than six months.
D.C. District Court Sets Aside DOJ Civil Investigative Demand Barred By Prior Settlement Agreement
On January 25, 2023, Judge Timothy J. Kelly of the United States District Court for the District of Columbia granted petitioner National Association of Realtors’ (“NAR”) Petition to Set Aside a Civil Investigative Demand (“CID”) issued by the United States Department of Justice’s Antitrust Division (the “Division”) related to certain of NAR’s practices and policies. National Association of Realtors v. United States, No. 21-2406 (TJK) (D.D.C. Jan. 25, 2023). The Court ruled that the Division was precluded from issuing the CID because it was substantially similar to two other CIDs that the Division had previously agreed to close in a settlement agreement.CATEGORY : DOJ