Partner
New York
Recognized nationally as a leading authority in antitrust law, Eric Hochstadt has established a distinguished record litigating the most complex competitor, merger and consumer class action cases. He also advises on criminal cartel investigations and counsels on antitrust matters with global reach. He heads Orrick’s global Antitrust Litigation practice and serves on the firm’s Management Committee.
Major players across technology, life sciences, financial services, retail, sports and transportation hire Eric again and again. Chambers USA describes him as "one of the foremost experts in antitrust law," praised for his creativity and practical approach. Clients commend him as a "really good trial lawyer," who is "skilled, savvy, and practical.” Lawdragon names him among the 500 "Leading Litigators in America."
Eric has played a pivotal role in shaping modern antitrust law through his involvement in significant cases challenging important business or industry-wide practices and transformational acquisitions. This has ranged from securing a complete defense verdict in the rare antitrust jury trial attacking an asset swap transaction – a case American Lawyer dubbed “An Antitrust Unicorn — With $800M on the Line”; to defeating a government merger challenge based on the novel “potential competition” theory that a “Big Tech” firm should enter a new market by “building versus buying”; to upholding a private equity firm’s ability to do “joint bids” for investment opportunities; to securing the dismissal of an alleged “no poach” class action by avoiding automatic or per se scrutiny of a distribution arrangement at the outset of the lawsuit – a win highlighted in American Lawyer’s “Litigator of the Week” column; to achieving a landmark class action settlement against a copyright collective with 20 years of licensing and royalty rate-setting conduct relief after regulators declined to bring an enforcement action. This work often involves the testimony of C-suite witnesses, opinions of leading economic experts, and the intersection of antitrust law with employment and intellectual property laws.
A member of the Executive Committee of the Antitrust Section of the New York State Bar Association, Eric speaks regularly before antitrust bar associations and at PLI and GCR programs.
Eric's experience prior to joining Orrick includes:
Trials
Wholesale Grocery Products Antitrust Litigation, MDL No. 02090 (D. Minn.) — As co-lead trial counsel, secured a complete defense jury verdict for C&S Wholesale Grocers in a multi-hundred-million-dollar antitrust class action alleging that C&S and Supervalu entered into a conspiracy to allocate certain geographic markets in violation of the Sherman Act. The win earned "Litigator of the Week," accolades from both American Lawyer and Global Competition Review and Eric and his team were cited for innovative case strategy by Financial Times. In 2020, following oral argument, the Eighth Circuit affirmed the verdict dismissing all claims and the Supreme Court declined further review.
Federal Trade Commission v. Meta Platforms Inc., et al., No. 5:22-cv-04325 (N.D. Cal.) — Successfully represented Meta Platforms with co-counsel in the federal proceeding relating to its proposed acquisition of virtual reality studio, Within Unlimited, best known for its fitness app Supernatural. Following a seven-day bench trial, the FTC's request for a preliminary injunction to block the proposed acquisition was denied and the transaction closed.
Confidential Arbitration (ICDR) — As co-lead trial counsel, successfully represented a major e-commerce company in a contract dispute relating to a multi-year operating agreement with a former business partner. Following a five-day evidentiary trial and post-trial briefing, secured a victory and damages for the client.
Competitor / IP
LiquidPower Specialty Products Inc. v. Baker Hughes Holdings LLC, et al., 4:15-cv-02915 (S.D. Tex.); LiquidPower Specialty Products Inc. v. Flowchem LLC, 4:15-cv-02917 (S.D. Tex.) — Defended LiquidPower Specialty Products Inc., a Berkshire Hathaway-owned company, against antitrust claims by rivals for the alleged wrongful enforcement of patents to monopolize the global marketplace for heavy crude drag reducing agents. After almost ten years of litigation, obtained favorable confidential resolutions.
Regeneron Pharmaceuticals, Inc. v. Novartis Pharma AG, et al., No. 20-CV-05502 (PMH) (S.D.N.Y.) — Represented Regeneron in connection with monopolization claims challenging wrongful patent enforcement and other anticompetitive behavior that delayed the launch of EYLEA in a pre-filled syringe format. Successully obtained reversal of motion to dismiss in an appeal that received government and academic support in a case involving the treatment of serious eye diseases that can cause blindness.
Duke University, Allergan, Inc., and Allergan Sales, LLC, v. Akorn, Inc. and Hi-Tech Pharmacal Co., Inc., 3:18-cv-14035 (D.N.J.) — Defended Allergan against antitrust counterclaims brought by Akorn related to the eyelash hair-growth drug product LATISSE. Obtained dismissal with prejudice of counterclaims and affirmative defenses challenging prior patent infringement cases as alleged "sham" lawsuits to delay competition.
Regeneron Pharmaceuticals, Inc. v. Amgen Inc., No. 1:22-cv-00697-UNA (D. Del.) — Represented Regeneron in connection with monopolization claims to restore competition in the PCSK9i market for the treatment of cardiovascular disease. Successfully secured denial of Amgen's motion to dismiss.
Sanofi-Aventis U.S. LLC, et al v. Sandoz, Nos. 3:07-cv-02762 and 3:08-cv-02693 (D.N.J.) — Represented the patent holder and exclusive licensee in defending against antitrust counterclaims asserted by a generic drug maker in patent infringement litigation involving Eloxatin ®. Secured a favorable bifurcation and discovery stay, as well as negotiated favorable global resolution of all infringement claims against multiple generic drug makers.
Class Actions
Klein et al v. Bain Capital Partners, LLC et al., No. 1:07-cv-12388 (D. Mass.) — Represented Thomas H. Lee Partners (THL), a leading private equity firm, in a putative nationwide antitrust class action brought by shareholders of publicly-traded companies that were taken private in "club" leveraged buyouts that occurred between 2003 and 2007, and that involved purchase prices in excess of $2.5 billion. Plaintiff alleged that THL and ten of the other largest private equity firms and investment banks in the world conspired to artificially suppress the prices paid to shareholders through horizontal agreements to allocate deals, rig auction bids and refrain from competing with one another. Successfully obtained summary judgment on reconsideration for THL.
Meredith Corporation, et al. v. SESAC LLC, et al., No. 09-cv-9177 (S.D.N.Y.) — Represented a group of local television stations as plaintiffs in a putative class action challenging SESAC's licensing practices for access to its repertory of musical performances. Successfully opposed summary judgment thus ensuring that plaintiffs would get to a jury trial, and subsequently reached a groundbreaking industry-wide class action settlement that provided $42.5 million in refunds and placed various restrictions on SESAC's dealings with local television stations over a 20-year period.
Giordano, et al. v. Saks Incorporated, et al. No. 23-600 (2nd Cir.) — Successfully secured a motion to dismiss with prejudice, that was affirmed on appeal, for Saks Fifth Avenue and co-defendant luxury retail brands in an alleged "no poach" antitrust class action in which former employees claimed Saks orchestrated "no hire" agreements with each luxury brand.
Davidow v. H&R Block Inc. et al., No. 4:18-cv-01022 (W.D. Mo) — Represented H&R Block in several antitrust class action lawsuits that alleged a "no poach" conspiracy with franchisees to lower wages and reduce mobility. Defeated multi-district litigation consolidation and used motions to compel arbitration to resolve all litigation. A parallel civil investigation by the Washington State Attorney General was also favorably resolved.
In re Currency Conversion Fee Antitrust Litig., MDL No. 1409 (S.D.N.Y.) — Represented MasterCard in defending against nationwide class action claims for allegedly conspiring with Visa and leading U.S. banks to charge a price-fixed currency conversion "fee." Favorably reached a global settlement agreement and obtained court approval over objections resolving all litigation against MasterCard.
Lightboume v. Printroom, et al., No. 8:13-cv-00876-JLS (C.D. Cal.) — Represented CBS Interactive in a putative nationwide right of publicity class action regarding photographs of NCAA student-athletes made available for sale on universities' athletic department websites. Successfully obtained a denial of class certification, grant of summary judgment dismissing the named plaintiff's individual claims, and a multi-million-dollar fee-shifting award.
Precision Associates, Inc., et al. v. Panalpina World Transport (Holding) Ltd., et al., No. 1:08-cv-00042 (E.D.N.Y.) — Represented Vantec World Transport entities in a DOJ criminal investigation and putative treble damage class action lawsuit alleging that numerous air cargo freight forwarders conspired to fix or pass-on certain charges to customers. Resolved the DOJ investigation and successfully negotiated and obtained approval over co-defendants’ objections of an “ice breaker” class action settlement containing a “most-favored nation’s” clause.
