Leo Caseria

Leo Caseria is a partner in the Antitrust and Competition Practice Group in the Washington, D.C. and Los Angeles offices. 

Areas of Practice

Leo’s practice focuses on antitrust and pricing issues, including government merger review, investigations of alleged anticompetitive conduct or price gouging, civil litigation, compliance training, and counseling on proposed business strategies and transactions. He represents clients before the Department of Justice, Federal Trade Commission, and state attorneys general.  Leo has been ranked as a leading antitrust lawyer by Super Lawyers, Global Competition Review’s Who’s Who Legal, and Legal 500.  Leo also serves as co-chair for the Books and Treatises Committee of the 9,000 member ABA Antitrust Law Section, a position he has held since 2016.

Leo has guided clients through both DOJ and FTC antitrust merger investigations in a broad array of industries, including digital platforms, construction materials, and aerospace component manufacturing. Leo also regularly advises clients on requirements under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (“HSR”), and has managed the preparation and submission of numerous HSR filings. 

Leo’s litigation experience includes both trial and appeal.  He has represented both plaintiffs and defendants in antitrust and price gouging cases involving industries such as cement and concrete, grocery, apartments, automotive software, and consumer electronics.

Experience

Representative Engagements:

Antitrust M&A and HSR

• 2021: Represented Bitgo in its $1.2 billion acquisition by Galaxy Digital, the first billion dollar deal in the cryptocurrency space, as reported by the Wall Street Journal.  Galaxy Digital to Buy BitGo in Crypto Sector’s First $1 Billion Deal - WSJ
• 2020: Represented Lakin Tire in its acquisition by Liberty Tire Recycling, combining two of the leading providers of tire recycling services.  Sheppard Mullin Represents Lakin Tire in Acquisition By Liberty Tire: Sheppard Mullin
• 2020: Represented OverDrive in its acquisition by KKR, combining two of the leading digital reading platforms used by libraries and schools.  KKR Completes Acquisition of OverDrive - OverDrive
• 2018: Represented Interior Specialists, Inc., in its combination with Interior Logic Group, Inc., combining two of the leading interior finish services companies. Interior Logic Group, Inc. and Interior Specialists, Inc. Announce Merger Closing | Business Wire
• 2016: Represented Shultz Steel Company in its acquisition by Precision Castparts Corp., combining two of the leading providers of steel forging for aerospace applications.
• 2015: Represented CalPortland Company in its acquisition of certain cement assets from Martin Marietta.

Litigation

• Defending honey importer Export Packers Company Limited dba Odem International against an antitrust and RICO class action brought by a putative class of U.S. domestic beekeepers, relating to a purported conspiracy to sell foreign fake honey. All claims dismissed. Henry’s Bullfrog Bees v. Sunland Trading, Inc., Case No. 2:21-CV-00582-TLN-CKD (E.D. Cal. Order dated Feb. 23, 2022).
• Defending The Reynolds and Reynolds Company against state and federal antitrust claims relating to data management system access. Monopolization and attempted monopolization claims dismissed at pleading stage. Motor Vehicle Software Corporation v. CDK Global, Inc., Case No. 17-896 (C.D. Cal. Order dated Oct. 2, 2017).
• Defending JRK Residential Group, Inc. against putative class action alleging price gouging of apartment rental rates in California following wildfire emergencies.  Felker v. JRK Residential Group, Inc., Case No. SCV-267587 (Sonoma County Superior Court).
• Representing cement producer CalPortland Company in antitrust case against four major railroads accused of allegedly price-fixing rate-based rail fuel surcharges.  CalPortland Company v. BNSF Railway Company, Case No. 2:20-cv-03659 (C.D. Cal.).
• Defended CalPortland Company against False Claims Act claims premised on alleged conspiracy to fix prices and allocate markets relating to cement, concrete and asphalt. All claims dismissed; affirmed by Ninth Circuit. U.S. ex rel. Rune Kraft v. CalPortland Construction, Case No. 16-4479 (C.D. Cal. order dated Mar. 9, 2018), aff’d, Case No. 18-55594 (9th Cir. opinion dated Apr. 7, 2020).
• Defended Save Mart against putative class action alleging price gouging of eggs in California.  Plaintiff asserted a single claim under California’s Unfair Competition Law, Cal. Bus. & Prof. Code section 17200, predicated upon an alleged violation of California Penal Code section 396, which prohibits price gouging.  Claim against Save Mart was voluntarily dismissed after Save Mart filed a motion to dismiss.  Fraser v. Cal-Maine Foods, Inc., Case No. 20-2733 (N.D. Cal.).
• Defended Amerifoods against putative class action alleging price gouging of eggs in California.  Plaintiff asserted claims under California’s Unfair Competition Law, Cal. Bus. & Prof. Code section 17200, predicated upon an alleged violation of California Penal Code section 396, which prohibits price gouging.  Claims against Amerifoods voluntarily dismissed.  Elander v. Rose Acre Farms, Inc., Case No. 20STCV33673 (Los Angeles County Superior Court).

Honors

• Competition Future Leader, GCR Who’s Who Legal, 2021

• Next Generation Lawyers, Legal 500, 2019-2022
• Antitrust, Legal 500, 2015, 2017, 2019-2022
• Southern California Super Lawyer, Super Lawyers, 2021-2022
• Southern California Rising Star, Super Lawyers, 2018-2020

Articles

• "Opinion analysis: A class action waiver in an arbitration agreement will be strictly enforced under the Federal Arbitration Act," SCOTUSblog, June 21, 2013
• "Argument recap: Can arbitration agreements with class action waivers survive in the face of the effective vindication doctrine?" SCOTUSblog, March 4, 2013
• "Argument preview: Under what circumstances are arbitration agreements with class action waivers enforceable?" SCOTUSblog, February 22, 2013
• "Challenge to Alleged Restraints on Baseball and Hockey Programming Survive Motion to Dismiss," Sports Litigation Alert, December 28, 2012
• "Using Prior Expert Testimony Requires Extra Effort," New York Law Journal, July 18, 2011

Antitrust Law Blog Posts

• "FTC Policy Statement on the Scope of Unfair Methods of Competition – A Broad But Vague Warning," November 14, 2022
• "DOJ Sues to Block Merger Between Booz Allen Hamilton and EverWatch Based on Antitrust Concerns Relating to Single-Contract Market," July 8, 2022
• "States Target Infant Formula Price Gouging," June 13, 2022
• "Treasury Department Recommends Antitrust Reform in Alcohol Markets," February 28, 2022

• "Back to the “Good Old Days”: FTC Announces Return to Prior Merger Approval Regime," November 1, 2021
• "California Jury Awards Millions to Cannabis Company in Antitrust Case," October 5, 2021
• "HSR Practice Alert – FTC is Making Changes to Respond to the “Massive Surge” in HSR Filings," August 27, 2021
• "FTC, Under Pressure from “Tidal Wave” of HSR Filings, To Begin Issuing Close-At-Your-Own-Risk Letters," August 4, 2021

• "HSR Filing Fees For Large Acquisitions May Be Increased," May 18, 2021

• "Taboola the Latest Target of DOJ’s Aggressive Antitrust Scrutiny of Hiring Practices," May 10, 2021

• "Lower Filing Thresholds for HSR Act Premerger Notifications and Interlocking Directorates Announced," February 2, 2021

• "Is There an HSR Sea Change on the Horizon? Advance Notice Seeks Information on Possible Amendments to Numerous Provisions of the HSR Rules," October 15, 2020

• "Tell Me More – Antitrust Agencies to Demand More Information from Investment Funds," October 13, 2020

• "DOJ Antitrust Division Releases New Merger Remedies Manual," September 10, 2020

• "High Risk of Second Requests in the Cannabis Industry," July 2, 2020

• "Coronavirus Sparks Changes to Premerger Notification Process at the FTC," March 16, 2020

• "Higher Filing Thresholds for HSR Act Premerger Notifications and Interlocking Directorates Announced," January 26, 2018
• "Antitrust Claims Against Telescope Manufacturer Ningbo Sunny Dismissed and Shot into Space," October 16, 2017
• "Higher Filing Thresholds for HSR Act Premerger Notifications and Interlocking Directorates Announced," January 20, 2017
• "Maximum Civil Penalties for HSR Violations to Increase to $40,000 per Day," June 30, 2016
• "Higher Filing Thresholds for HSR Act Premerger Notifications and Interlocking Directorates Announced," January 21, 2016
• "SD3 v. Black & Decker (U.S.), Inc. – District Judge Axes Complaint Alleging Table Saw Safety Standards Conspiracy," August 4, 2014
• "Dang v. San Francisco Forty Niners - Consumers can challenge Reebok's exclusive NFL apparel deal based just on a market of garments bearing NFL team logos," August 7, 2013
• "American Express Co. v. Italian Colors Restaurant: A class action waiver in an arbitration agreement will be strictly enforced under the Federal Arbitration Act," June 25, 2013
• "Challenge To Alleged Restraints On Baseball And Hockey Programming Survive Motion To Dismiss And Advance To The Next Round Of Litigation," December 19, 2012
• "Supreme Court Will Now Hear Two Appeals Concerning Class Arbitration," December 14, 2012
• "Supreme Court to Address Enforceability of Arbitration Agreements and Class Action Waivers Yet Again," November 19, 2012
• "In re American Express Merchants' Litigation - Plaintiffs Survive Three Rounds In The Second Circuit, But Can They Survive The Supreme Court?" February 7, 2012
• "Wal-Mart v. Dukes: Implications For Antitrust Class Actions," July 11, 2011
• "AT&T Mobility LLC v. Concepcion - What Does It Mean For Class Arbitration And Class Actions In Federal Antitrust Cases?", May 13, 2011
• "Blue Skies For Continental Airlines In Bid To Join Star Alliance", August 12, 2009
• "Plaintiffs Granted Leave to Amend Complaint Alleging Monopolization of Grapes Under Walker Process Theory", April 13, 2009
• "Complaint Alleging Conspiracy to Fix LTL Freight Fuel Surcharges Dismissed", March 6, 2009

Antitrust Books and Handbooks

• Editor, Handbook on Antitrust in Technology Industries, ABA Section of Antitrust Law, 2017
• Editor, State Action Practice Manual, ABA Section of Antitrust Law, Third Edition, 2017
• Editor, Antitrust Evidence Handbook, ABA Section of Antitrust Law, Third Edition, 2016
• Editor, Handbook on the Scope of Antitrust, ABA Section of Antitrust Law, 2015
• Contributor, 2012 Annual Review of Antitrust Law Developments, ABA Section of Antitrust Law, 2013
• Senior Editor, Handbook on Multijurisdictional Competition Law Investigations, ABA Section of Antitrust Law, 2010

Media Mentions

Speaking Engagements

• "B2B Noncompetes and the Rule of Reason," Los Angeles County Bar Association Webinar, October 8, 2020
• "Joint Conduct 101: Information Exchange," ABA Section of Antitrust Law, Joint Conduct Committee, October 20, 2016

Events

Memberships

• Co-Chair, Books and Treatises Committee, ABA Section of Antitrust Law, 2016-2023
• Member, Antitrust and Unfair Competition Law Section, State Bar of California
• Vice Chair, Books and Treatises Committee, ABA Section of Antitrust Law, 2014-2015

Digital Media