Antitrust Investigation Summary

Decision-ready antitrust investigation brief with evidence-linked chronology, legal theories, and business risk assessment.

Quick Start

Gather before drafting:

Regulatory process documents (CIDs, subpoenas, Second Requests, notices)
Internal investigation materials (interview memos, forensic reviews, privilege logs)
Market data (shares, competitors, pricing, entry barriers)
Public sources (press, filings, complaints, consent decrees)
Current status (deadlines, productions, negotiations)

Workflow

1. Build Key-Facts Table

Populate and resolve gaps before drafting.

| Field | Detail | |---|---| | Investigating Authority | Agency, division, lead office, contact(s) | | Matter Type | Conduct, merger, or industry sweep | | Alleged Conduct | Price-fixing, monopolization, exclusive dealing, etc. | | Market Definition | Product and geographic market as asserted | | Statutory Hooks | Sherman §1/§2, Clayton §7, FTC Act §5, state/foreign provisions | | Initiation Trigger | Complaint, market study, HSR, dawn raid, etc. | | First Notice Date | Date and instrument | | Procedural Posture | Inquiry, formal investigation, litigation, appeal | | Key Deadlines | Production dates, meetings, milestones | | Exposure Signals | Penalties, remedies sought, damages claims | | Remediation | Compliance changes, business changes |

2. Draft Summary

Use this template. Cite every factual assertion with [source: <id>].

ATTORNEY-CLIENT PRIVILEGED & WORK PRODUCT
CONFIDENTIAL — ANTITRUST INVESTIGATION SUMMARY

**Executive Overview**
Agency:
Matter Type:
Alleged Conduct:
Market:
Current Status:
Immediate Decisions/Actions:

**Chronology**
| Date | Event | Source | Notes |
|---|---|---|---|

**Allegations & Legal Theories**
| Theory | Conduct | Market Definition | Statutes | Evidence |
|---|---|---|---|---|

**Market & Industry Context**
- Market structure and shares:
- Key competitors:
- Barriers to entry:
- Industry dynamics or consolidation:

**Procedural Status**
- Steps completed:
- Outstanding requests:
- Upcoming milestones:

**Company Response**
- Cooperation posture:
- Privilege/objections asserted:
- Internal investigation steps:
- Remedial measures:

**Outcomes / Scenarios**
- If closed: disposition and conditions.
- If ongoing: likely outcomes and timelines.

**Risk Assessment**
| Risk Category | Exposure | Drivers | Mitigation |
|---|---|---|---|

**Compliance Actions**
- Immediate controls:
- Medium-term enhancements:
- Training or policy updates:

3. Multi-Jurisdiction Matters

If multiple authorities are involved, create one subsection per authority and a consolidated risk section.

Pitfalls

Allegations vs. facts: Separate clearly; never speculate.
Missing data: Flag with [VERIFY], especially for uncertain statutes or foreign-law citations.
Exact references: Use precise dates, agency names, and instrument titles — do not paraphrase.
Inferences: Label explicitly and cite the underlying source.
Merger matters: State the asserted theory of harm and any divestiture or behavioral remedy signals.
Parallel proceedings: Include state AGs, EC, CMA, or other competition authorities as separate subsections.
Privilege headers: Maintain ATTORNEY-CLIENT PRIVILEGED & WORK PRODUCT on every output.