Skip to content
Tuesday 18 August 2026London --:--Frankfurt --:--Zurich --:--
NewslettersSearchEN · DE · FR
MorningWire

European business, markets and politics

FTSE 100
10,728.04
+0.07%
DAX
26,128.36
-0.80%
CAC 40
8,509.36
-0.82%
STOXX 50
6,468.17
-0.95%
  • Europe
  • Markets
  • Business
  • Economy
  • Regulation
  • Politics
  • Opinion
More
GermanyFranceEU InstitutionsCompetitionPublic AffairsBankingTechnologyEnergy
  • Germany
  • France
  • Europe
  • Markets
  • Business
  • Economy
  • Regulation
  • Politics
  • Opinion
  • DE
Thursday 05 January 2017 1:01 pm

The EU cracked the whip on cartels last year, while the US backed down

By: Hayley Kirton

Add as a preferred source on Google

Global fines for cartels rose to over $6bn (£4.9bn) last year, as a clampdown from the EU helped to push the figure higher, statistics out today show.

Law firm Allen & Overy has calculated that fines for cartel involvement rose to $6.68bn worldwide in 2016, up 28 per cent compared with $5.2bn the year before, while the European Commission dished out penalties of $4.09bn.

Making up the bulk of the European Commission's penalty pot was a $3.2bn charge for a group of truck producers which were claimed to have ganged together to fix prices. 

Read more: A Wall Street lawyer has become Trump's top pick for the SEC

On the other hand, the US Department of Justice's antitrust division handed out fines of just $387m in its 2016 financial year. That represents a drop of 86 per cent from $2.85bn in 2015, when the department dolled out big penalties for foreign exchange fixes. 

The legal eagles at Allen & Overy predict cartel activity fines will inch up even further in 2017, with a focus on Brazil, South Korea and the EU.

The South American country, in particular, is expected to have a bumper year for fines, thanks to a recent flurry of investigations, including probes linked to the Petrobras scandal.

Read more: The year of the vampire: 2017 is when political risk bites back

Meanwhile, the Korea Fair Trade Commission has increased its monitoring of cartel-related activity recently, while the European Commission still has a number of open cases to conclude, especially in the area of financial services. 

However, shifts in the political landscape last year could throw a spanner in the works for regulators looking to work together across borders to stop cartels. 

"The new political headwinds against globalisation suggest that co-operations could be scaled back, which could change strategic decision-making for multinationals," added John Terzaken, partner and head of the cartel enforcement practice at Allen & Overy. "And cartel enforcement is likely to be no exception.

"While any changes are unlikely to result in less cartel enforcement, evolving views on jurisdiction, comity and adequate deterrence will no doubt pose new challenges for authorities seeking to co-ordinate, and thus for companies trying to navigate, global cartel investigations."

Donald Trump taking his seat at the White House later this month could also cause a change in trends for US fines.

"If history is any guide, the next US administration will likely continue the trend of aggressive enforcement of the criminal antitrust laws, including the emphasis on pursuing individual executives," said Terzaken.

"What may change given the more nationalist agenda proposed by the next US administration, however, is the amount of energy and resources that will be committed to cooperation efforts with authorities in international cartel enforcement cases. Such a shift would pose new challenges for multinationals navigating global cartel investigations."

Share this article

  • Facebook
  • X
  • LinkedIn
  • WhatsApp
  • Email

Similarly tagged content:

Sections

  • News

Categories

  • Business
  • Legal

Related Topics

  • International

Trending Articles

  • As it happened: FTSE 100 drops as oil prices rise after Trump makes Hormuz threat

  • US bond market jitters spark UK economy recession warning

  • Monzo chair makes early exit after boardroom rift

  • Aldi boss wades into supermarket ‘price-gouging’ row

  • Jobless Banquet: Youth unemployment surge ‘sends Neets to KFC’

More from Morning Wire

  • Calls for Argentina to be banned from World Cup over Falklands banner

    Sport Business
    Business professionals engaged in a collaborative meeting at a conference room discussing strategic growth opportunities
  • Regulator flags BDO’s ‘unacceptable’ audit issues for fifth year in a row 

    Accountancy
    BDO is headquartered in London. Credit - BDO
  • Big Four’s AIM exodus accelerates as mid-tier firms seize mandates

    Big Four
    Big Four firms
  • 4chan ridicules Ofcom again as watchdog chases unpaid £520k fine

    Tech
    Ofcom fines 4chan in regulatory action, highlighting platforms compliance issues and internet governance challenges.
  • Thames Water in the dark as Burnham mulls embattled utility’s future

    Politics
    Thames Water creditors have made a last-ditch offer for a rescue deal.
  • Forvis Mazars and top partner hit with £600,000 fine for audit failings

    Accountancy
    Canada skyline representing the potential legal impact of Labours flexible working reforms on businesses
  • AI data centres and defence tech lead investment wave

    Tech
    Business professionals in a modern office discussing a strategic plan with charts and graphs displayed on a large screen
  • Stop burying us in swollen corporate reports, says audit watchdog boss

    Accountancy
    Richard Moriarty, FRC unveils new stewardship code reducing reporting burdens
MorningWire

Independent European business, markets and political news for decision-makers.

Morning Briefing

Europe

  • Germany
  • France
  • EU Institutions
  • Europe

Business

  • Markets
  • Business
  • Economy
  • Regulation
  • Competition
  • Public Affairs

Editorial

  • Opinion
  • Editorial Policy
  • Corrections
  • Contact

Company

  • About Morning Wire
  • Privacy Policy
  • Terms of Use
  • Cookie Policy
© 2026 Morning Wire Ltd · Published by Morning Wire Media, Bahnhofstrasse 65, 8001 Zürich, Switzerland
Privacy · Terms · Cookies · Facebook