Steve Levitsky is an antitrust and compliance lawyer with 30 years experience at major international law firms. He has:
- supervised complex and contested mergers for Fortune 500 companies (with second requests, divestitures, and econometric evidence), including 10 deals ranging from $10 billion to $16 billion;
- managed all antitrust issues in multi-jurisdictional mergers, including merger clearances across as many as 75 jurisdictions; managed local law firms and coordinated their activities; created global integration-planning programs for merging companies; and investigated local antitrust issues in targets’ operations, including price-fixing allegations;
- designed antitrust, FCPA, and ethics compliance programs for Fortune 500 companies;
- advised on antitrust market-conduct questions like distribution, bundling, and pricing, as well as antitrust issues in joint ventures, joint buying groups, trade associations, and other competitor collaborations; and
- litigated price-fixing and other U.S. and global antitrust violations, including pay-for-delay cases.
Steve was included in antitrust “Super Lawyers” every year starting in 2002. He has won writing awards; written three books and over 75 articles; been extensively published in peer-reviewed journals; spoken at international antitrust and FCPA conferences in New York, Washington, Chicago, Bermuda, Mumbai, Beijing, and Hong Kong; and is frequently quoted in the legal media. Steve edited the forth-coming Global Merger Clearance Handbook, which covers antitrust merger clearance practices in 60 jurisdictions.
B.C.L., McGill University, Faculty of Law (Special Lecturer, McGill Medical School)
M.A., Ph.D., The Johns Hopkins University (Medieval Literature and Philosophy)
B.A. Hons., Acadia University (summa cum laude, Dean’s Lists, Wilson Scholar, University Medal)
- Shea & Gould
- LeBoeuf, Lamb, Greene & MacRae and Dewey & LeBoeuf
- DLA Piper
- Winner, 2012, “Best Business General Antitrust Article of the Year,” from The Institute of Competition Law.
The judges for this award included Jon Leibowitz (then Chairman of the FTC); William Kovacic (former Chairman of the FTC); Alexander Italianer (European Commission’s Competition Directorate General); and Frédéric Jenny (Judge on the Supreme Court of France).
- Winner, 2012, “Best Article,” British Journal of Insurance Law.
Steve Levitsky handled all antitrust merger and integration counseling for complex, large-scale transactions such as:
- The $16 billion merger of St. Paul and Travelers (P&C) in 2004;
- MetLife's $11.8 billion acquisition of Travelers (Life) from Citigroup in 2005;
- Lincoln Financial’s $7.5 billion merger with Jefferson Pilot in 2005;
- MetLife’s $16 billion acquisition of ALICO from AIG in 2010 (antitrust clearances in 75 countries);
- hundreds of other transactions in over 50 industries.
- In one transaction before the Department of Justice, he cleared a merger where the two parties had 100% of the market, by showing convincingly that there were no barriers to entry. Timing was essential, since the target was in bankruptcy, and other bidders argued that our client would never get antitrust clearance.
- In an energy transaction before the FTC, he headed a team of 6 economists and over 15 fact witnesses to clear a merger transaction in only 17 days (when the FTC's initial reaction was that the clearance would take months to clear, if at all). Timing was critical, since the seller needed to complete the sale to avoid triggering a cascading series of bankruptcies.
- In another high-profile deal before the FTC, the agency initially condemned it as a three-to-two merger, dangerously increasing concentration. Competing bidders told the FTC that they were better acquisition candidates with no antitrust problems. In spite of this, we used economic evidence to show both that there were no credible competing bids, and that the remaining market could still respond competitively to any hypothetical pricing increases. This was a bankruptcy situation again, where urgent clearance was vital to preserve the value of the failing company. This strategy protected our client from losing the bid to smaller competitors, who told the bankruptcy court that they had an “antitrust advantage.”
- Member of the transaction and litigation team in FTC v. Steris and Synergy (2015), 133 F.Supp.3d 962. The FTC moved for a preliminary injunction to block the merger. After a full hearing, the court ruled in our favor and the FTC abandoned its case. This was one of the very rare times that private parties defeated the FTC in a litigated merger battle.
Steve has given market-conduct counseling to many of the world’s largest international companies, including Fortune 100 companies, the London Market, and over 50 trade associations.
Counseling subjects include:
- Distribution issues;
- Franchise issues;
- Business relationships with competitors, including joint ventures;
- Communications with competitors;
- Information sharing (pricing information and price signaling);
- Trade association conduct;
- Pricing issues;
- Coordinated market behavior;
- Refusals to deal;
- Tying issues;
- Standard-setting issues;
- Withdrawal-of-coverage insurance issues (both regulatory and antitrust).
Steve has given on-site antitrust training and seminars for clients in the United States, Bermuda, Europe, and Asia.
- Steve Levitsky was one of three leaders of what was (in 2004-2007) the largest reinsurance litigation in history. This was the $4 billion Fortress Re/Carolina Re case, where the team used seven lawsuits in four countries to achieve an incredible settlement for Japanese and Bermuda clients.
- He was a member of the litigation team that represented Hydro-Quebec in a $4 billion arbitration over an electric outage after a catastrophic ice storm. The team won a complete victory for our client, and helped defeat later, tag-on class-action claims.
- He played major roles in litigations against at least 20 state insurance departments, including those in California, Illinois, Florida, Texas, and New York. Matters include:
- Market conduct examinations;
- Commissioner attacks on industry segments (such as Garamendi’s attack on the title insurance industry in California, which spread to the NAIC, other state regulators, and, finally, a Congressional committee);
- Purported insurance-company Martin Act violations in New York;
- Bid rigging (the Eliot Spitzer/Marsh cases in New York and nationally); o Insurance rate cases;
- Spitzer’s attack on title insurance companies in New York (where Spitzer threatened criminal indictments and a $30 million fine, but settled for a $2 million fine plus a letter of commendation for our client).
MetLife, Allstate, Zurich Financial, Farmers Insurance, Munich Re, AXA, AEGON, Transamerica Financial, Lincoln National, Liberty Mutual, Sun Life, The St. Paul Companies, Allianz AG, Lloyd's of London, London Market Associations, the International Underwriting Association of London, Prudential, Canada Life, Swiss Re, Liberty Mutual, Fidelity Title, Fidelity National Financial, Scottish Re, Ameriprise, Insurance Information Institute, CRO of North America, US Air, British Petroleum, Alcoa, Rogge Marine GmbH, MidAmerican Energy, National Grid, Niagara Mohawk, Duke Energy, Dominion Resources, Tex-as Utilities, Florida Power, Conoco, Yukos, Gateway 2000, Sony Music Entertainment, and an extremely well-known U.S. soft-drink manufacturer.
Insurance, reinsurance, title insurance, financial services, oil, gas, LNG, LNG Terminals, pipeline, coal, electric generation, nuclear plants, electric transmission, manufacturing, telecom, technology, pharmaceuticals, healthcare, hospitals, motion pictures, recorded music, fine papers, commercial papers, cotton, mylar balloons, funeral planning services, skis, railroads, technology, recorded music, software, internet search engines, soft drinks, sterilization services, and automobiles.
Steve has conducted internal investigations for Fortune 500 companies and reported directly to the General Counsel and/or the Board of Directors. He helped develop strategies to avoid serious legal or reputational risk, and then conducted ongoing audits to make sure that the protective steps were being carried out.
Steve Levitsky successfully represented Alpo, Hoover, Mars, Uncle Ben's, and Wilkinson Sword in Lan-ham Act cases involving false claims in television commercials.
More than 90 appeals, prosecuted in most Federal Circuit Courts, and the supreme courts of several states. Milton Gould and Steve Levitsky won a major, nationally-cited victory for minority shareholders when they persuaded the New York Court of Appeals to rule that management cannot impose a minority-share discount in appraisal and buyout proceedings.
- Speaker, “U.S. Antitrust Developments and Trends,” at seminars hosted by SASAC (State-owned Assets Supervision and Administration Commission of the State Council of the PRC), held in Beijing in August 2016.
- Speaker, “Recent Developments in U.S. Merger Clearances,” at the International Bar Association M&A Conference, held in Mumbai, India, on March 14, 2016.
- Speaker, “Foreign Corrupt Practice Act Enforcement,” at the American Conference Institute’s 6th Annual Forum on AML & OFAC Compliance for the Insurance Industry, held in New York on January 22-23, 2016.
- “Is the Government Hopping over the Line with its Product-Hopping Stance?” (with Erica Pascal and Bertold Bar-Bouyssiere), in Intellectual Property Magazine, October 2015.
- “Don’t Leave Home Without It?–United States v. American Express,” in DLA Piper’s Antitrust Mat-ters (September 2015).
- Speaker on “Antitrust Compliance,” at the Rail Summit Conference, held in Baltimore on June 16, 2011.
- Co-editor, ABA Antitrust Law Developments (Seventh), Chapter 5: Robinson-Patman Act, 2015 up-date.
- “Confidentiality Designations in a Government Investigation: The FCC Confronts Sensitive Competitive Information” (with Lesli Esposito), in DRI: the Voice of the Defense Bar (June 2015).
- “Collaborators or Conspirators? After Seven Years of Litigation, a $590 Million Settlement – and Four Takeaways,” reprinted in Lexology (March 5, 2015).
- “U.S. Supreme Court: State Agencies Must Be ‘Actively Supervised’ to Enjoy Antitrust Immunity – 5 Tips,” DLA Piper Antitrust Alert (February 2015).
- “Guilt by Association: Four Questions to Ask about your Trade Association Activity,” in DLA Piper’s Antitrust Matters (February 2015).
- “Collaborators or Conspirators? After Seven Years of Litigation, a $590 Million Settlement – and Four Takeaways,” in DLA Piper’s Antitrust Matters (February 2015).
- “Antitrust Issues,” in DLA Piper’s Insurance Sector 2014 Year-End Review and Forecast for 2015 (February 2015).
- “Clearing a Horizontal Merger Checklist,” in Practical Law Company’s Antitrust Practice Resources (co-author with Paolo Morante, 2015).
- Speaker, International Law Institute, “Antitrust Merger Analysis and Remedies,” held in Washington, D.C. (January 13, 2015).
- “When A State Agency Strays Into Antitrust Liability” (with Lesli Esposito), reprinted in Law 360 Competition and Health sections (December 12, 2014).
- Speaker, Association of Bermuda Insurers and Reinsurers (ABIR): “Recent Enforcement Developments in the Foreign Corrupt Practice Act and Antitrust,” held in Hamilton, Bermuda (December 4, 2014).
- “How to Miss a Mandatory HSR Filing: 5 Points about Compliance,” in DLA Piper’s Antitrust Matters (November 2014).
- “Is the DOJ Antitrust Division Coming for You? A Recent Warning, plus What the Leniency Program Can Mean,” in DLA Piper’s Antitrust Matters (November 2014).
- “When a State Agency Strays into Antitrust Liability: 4 Practical Tips about Professional Self-Interest” (with Lesli Esposito) in DLA Piper Health Systems Alert (November 2014).
- Speaker, DLA Piper Life Sciences Global Update: “Patent Extension Strategies and Antitrust” (November 2014).
- “‘Don’t Tread on Me’: Insurance Companies, Immunities, and the U.S. Antitrust Laws,” reprint-ed in the 50th Anniversary issue of the Journal of the British Insurance Law Association, vol. 127 (October 2014).
- “A Horse for a Consul: A Competitor for a Regulator,” in Cartel & Joint Conduct Review, published by the ABA Joint Conduct Committee (Fall 2014).
- Co-editor, ABA Antitrust Law Developments (Seventh), Chapter 5: Robinson-Patman Act, 2014 up-date.
- “Merger Enforcement Actions Below the HSR Threshold — Top Ten Tips in Non-Reportable Transactions,” reprinted in The Energy Law Advisor (September 2014).
- “Above the Law? ‘Private Parties’ – or ‘Sovereigns’ – under the State Action Doctrine,” in E&I Update, published by the ABA Exemptions & Immunities Committee (Summer 2014).
- “Lessons Learned from Missteps that Led to Antitrust Litigation,” in The Legal Intelligencer, July 7, 2014.
- “How Nonreportable Mergers Can Pass Regulatory Muster – 10 Tips,” published in the Competition, Health, and Mergers & Acquisitions sections of Law360 (July 1, 2014).
- “‘Don’t Tread on Me’: Insurance Companies, Immunities, and the U.S. Antitrust Laws,” in the Journal of the British Insurance Law Association, vol. 127 (June 2014).
- “Big or Small, It's All Hardball: Merger Enforcement Actions Below the HSR Threshold – Top Ten Tips In Non-Reportable Transactions” (co-author with Paolo Morante), in DLA Piper’s Anti-trust Alert (June 2014).
- “Terrell McSweeny: New Commissioner on the FTC Block,” The Legal Intelligencer, June 2, 2014; reprinted in American Lawyer, June 2, 2014.
- “Another Hospital-Physician Group Merger Fails the Antitrust Test,” in DLA Piper’s Antitrust Matters (April 2014).
- “Checklist: Clearing a Horizontal Merger,” in Practical Law: The Journal (March 2014).
- “2013 Antitrust Developments for Insurance Companies,” in DLA Piper’s Antitrust Matters (February 2014); reprinted in Lexology (February 13, 2014).
- “Antitrust Issues,” in DLA Piper’s 2013 Insurance Year-End Review and Forecast for 2014 (February 2014).
- “Clearing a Horizontal Merger Checklist,” in Practical Law Company’s Antitrust Practice Resources (co-author with Paolo Morante, 2014).
- “Analyzing Competitive Effects in a Horizontal Merger,” in Practical Law Company’s Antitrust Practice Resources (2013).
- “3 Tips for Limiting Liability in the Digital Age,” Law360 (January 23, 2013: published in six different segments of Law 360, including competition; mergers & acquisitions; securities; employment; privacy & consumer protection; and white collar).
- “Broccoli and U.S. Healthcare Insurance Legislation: The Constitutional Conundrum,” Journal of the British Insurance Law Association (November 2012 issue).
- “Protecting Insurers From Social Media Risks,” Law360 (April 2, 2012).
- “U.S. Healthcare Reform,” Journal of the British Insurance Law Association (March 2012).
- “Social Media Questions for Insurance Companies,” Social Media Review (February 2012).
- “Federal and State Oversight Intensifies as Affordable Care Act Spurs Hospital Mergers,” ABA State Enforcement Committee Newsletter (Spring 2012).
- “Britain: New Limits on Exchanging Price Information Data,” Winner, 2012 Best Business General Antitrust Article of the Year: Antitrust Writing Award, Institute of Competition Law (co-author with Da-vid Turetsky).
- “Antitrust” chapter, in PLI Insurance Regulation Answer Book (2011 ed.).
- “New Merger Review and FERC's Market Power Analyses,” Law360 (February 9, 2010).
- The LeBoeuf Story: A History of LeBoeuf, Lamb, Greene & MacRae, 1929-2007 (550-page, lavishly-illustrated law firm history, commissioned by the firm and privately published, 2010).
- Co-editor, Antitrust News in Five Minutes (a regular Dewey & LeBoeuf external publication 2009-2012).
- “Advising the Client On Distribution Questions,” New York Law Journal (May 11, 2009).
- Aegon N.V. on its $1.3 billion acquisition of JCPenney’s Direct Marketing Services division.
- Aegon N.V. on its $5.7 billion sale of Transamerica Financial Services to General Electric.
- Aegon N.V. on its $1.4 billion sale of Transamerica Re to Scor SE.
- AGL Industries on its merger with Nicor, Inc. (value undisclosed but post-merger enterprise value of $9.5 billion, resulting in the nation's largest natural gas distribution company).
- Allstate on its $1.0 billion acquisition of Esurance from White Mountains Group.
- Allstate on its purchase of GE's Partnership Marketing Group.
- Amer Sports on its $600 million acquisition of Salomon AG from Adidas (skis and snowboards).
- Ameriprise Financial, Inc. on its sale of AMEX Assurance Company to American Express.
- Aviva plc on its $2.9 billion acquisition of AmerUS Holdings.
- AXA on its $1.8 billion sale of Winterthur’s US property and casualty operations to QBE.
- Bank of America/Merrill Lynch on the sale of transnational partnership interests.
- Capmark on its $515 million sale from bankruptcy of its mortgage origination and servicing business to Berkadia Commercial Mortgage.
- China National Petroleum Corporation on its $4.18 billion acquisition of PetroKazakhstan.
- Deere on its sale of John Deere Risk Protection, Inc. and John Deere Insurance Company
- Farmers Insurance on its $1.9 billion acquisition of AIG’s personal auto group.
- Fosun on its $433 million acquisition of Meadowbrook Insurance Group.
- Fosun on its $2.1 billion acquisition of Ironshore, Inc.
- General American Mutual Holding Company on its $1.2 billion sale of General American Life to MetLife.
- General Electric Capital Corporation on its acquisition of Shady Hills Power Holdings.
- Genworth Financial on the $290 million sale of its Medicare supplement business to Aetna.
- Gilead Sciences, Inc. on its acquisition of Hot Springs.
- Goldman Sachs Capital Partners on its $1.4 billion acquisition of USI Holding Corporation.
- JP Morgan Chase on the $1.2 billion sale of its life insurance and annuity operations to Protective Life.
- Lincoln National on its $7.4 billion merger with Jefferson-Pilot.
- Macquarie Infrastructure Partners on its $3.5 billion acquisition of Puget Energy.
- Markel Corporation on its $135 million acquisition of Aspen Holdings, Inc.
- MetLife, Inc. on its $11.8 billion acquisition of Travelers Life & Annuity from Citigroup.
- MetLife, Inc. on its $16 billion acquisition of American Life Insurance Company (ALICO) from AIG.
- MidAmerican Energy Holdings Company on its $1.9 billion acquisition of the 16,000 mile Northern Natural Gas Company pipeline system from Dynergy.
- Munich Re on its $352 million acquisition of Sterling Life Insurance Company.
- Munich Re on its $747 acquisition of Hartford Steam Boiler Group from AIG.
- Munich Re on its $1.3 billion acquisition of The Midland Company.
- Old Mutual plc on its $350 million sale of U.S. life insurance and annuity business to Harbinger Capital.
- Onyx Pharmaceuticals on its $276 million cash + $535 million contingent-payment acquisition of Proteolix.
- Quanta Services on its $305 million sale of all its telecommunications subsidiaries to Dycom.
- Scottish Re on its $1 billion acquisition of ING Re’s individual life reinsurance business.
- Sony Music Entertainment on various acquisition programs.
- Sun Life Financial on its $650 million acquisition of Genworth's employee benefits group business.
- Synergy Health on its $1.9 billion acquisition by Steris (defeated an FTC litigated challenge to the transaction).
- Tower Group on its acquisition of One Beacon's personal lines insurance business.
- Tower Group on its $490 million acquisition of CastlePoint Holdings, Ltd.
- Union Central on its merger with Ameritas Acacia, and the formation of UNIFI, a mutual life insurance holding company.
- Yan Zhao Global Limited on its $380 million acquisition of Abercrombie & Kent.
- Zenith National on its $1.4 billion sale to Fairfax Financial.
- Zenith National on the $272 million sale of CalFarm Insurance to Nationwide Mutual.