Mergers & Acquisitions
American Needle Ten Years Later By Michael A. Lindsay
ALMOST TEN YEARS AGO THE U.S. Supreme Court revisited the question of distinguishing single-actor conduct from an agreement among multiple actors. The question is obviously critical because by definition there cannot be an agreement in restraint of trade in violation of Section 1 of the Sherman Act unless there are at least two participants whom the law considers separate persons for anti - trust purposes. Although answers to some parts of this question have become clearer over the past ten years, other parts remain both vexing and unanswered.