Advertise on podcast: The Freshfields Podcast

EC fines in cartel cases jumped to approximately EUR 860 million in 2025, up from just EUR 50 million the year before, with four cases closed compared to only one in 2024. Yet the number of cases remains well below the levels of five or ten years ago, and not a single cartel case has been closed so far in 2026. At the same time, the European Commission is pursuing a growing pipeline of investigations across industries from flavours and fragrances to tyres, construction chemicals and farmed Atlantic salmon – driven increasingly by ex officio tools rather than traditional leniency applications, which have declined markedly over the past decade. The Commission is also sharpening its approach to algorithmic pricing and expanding the boundaries of Article 101, signalling that cartel conduct need no longer involve explicit communications between competitors. Against this backdrop, DG Competition has appointed a new Director for Cartels, Thomas Deisenhofer, who brings nearly 25 years of experience within DG COMP but, notably, a background in merger control rather than cartel enforcement. In this episode of the Essential Antitrust podcast, host Jenn Mellott is joined by fellow partners Tobias Klose and Dominic Divivier to take stock of where EU cartel enforcement stands today and what to expect under the new leadership. They discuss the latest enforcement statistics and what they signal about the trajectory of EC cartel cases, the rise of ex officio investigations powered by AI and digital intelligence, the growing focus on algorithmic pricing, and why companies should not let their dawn raid preparedness slip. They also explore emerging theories of harm under Article 101 – including how far the boundaries of what constitutes a cartel may be pushed – and what Deisenhofer's track record and reputation may tell us about the direction of travel.

Dans cet épisode, Pascal Cuche et Sami Jebbour, associés en charge de la pratique Infrastructure du bureau de Paris, reviennent sur la manière dont l’IA est devenue un puissant moteur d’investissement dans les infrastructures digitales, à commencer par les campus d’IA et les centres de données. Des attentes des investisseurs au rôle de l’État, en passant par l’approvisionnement en énergie et la souveraineté numérique, ils abordent les grands enjeux qui seront débattus lors des deux tables rondes organisées par Freshfields à Paris le 5 novembre.

From Selecta to Hunkemöller and other cases, disputes around liability management exercises are no longer confined to the jurisdictions in which they are implemented. As US litigation becomes an increasingly common feature of European restructuring transactions, understanding the procedural landscape on both sides of the Atlantic has never been more important. In this episode, Craig Montgomery is joined by our New York restructuring and litigation specialists, Madlyn Primoff, Rob McCallum, and Henry Hutten, to explore why plaintiffs are turning to US courts, the impact of US discovery and depositions, and the lessons market participants can draw from recent high-profile disputes. Drawing on recent cases including Selecta, Hunkemöller and Optimum/Altice International, the discussion examines US jurisdiction, motions to dismiss, discovery obligations, section 1782 applications, depositions and the remedies available to litigants, providing practical insight into the growing intersection between European restructurings and US litigation. Stay tuned for more insights into the world of restructuring and thank you for listening to "No Worse Off."

Cosa accade quando una concentrazione è troppo piccola per essere notificata secondo i criteri tradizionali, ma non troppo piccola per produrre effetti significativi? In questa puntata di Essential Antitrust – The Italian Voice, cercheremo di rispondere anche a questa domanda, analizzando le concentrazioni sottosoglia, ossia quelle piccole operazioni di M&A che sfuggono alle tradizionali soglie di notifica previste dalla disciplina sul controllo delle concentrazioni, ma potenzialmente in grado di avere un impatto rilevante sulla concorrenza. Dal caso Illumina/Grail fino ai nuovi poteri di call-in nazionali, ripercorriamo l’evoluzione applicativa della normativa che sta ridisegnando i confini del controllo delle concentrazioni.

In this special episode, we step away from the technical content to talk about something every professional grapples with: finding your voice. Lindsay is joined by senior associate Sally and first-year apprentice Evie to share candid reflections on building confidence, communicating with impact, and developing a professional presence early in your career - from imposter syndrome and mentorship to finding safe spaces to speak up, handling the "fear of the question," and letting your professional USP shine through. Whether you're a junior lawyer, an apprentice, or simply looking to make more of an impact, this episode is a reassuring reminder that you don't need to have it all figured out - or be the loudest in the room - to be heard. Stay tuned for more insights into the world of restructuring and thank you for listening to "No Worse Off."

In this episode of Well-Caffeinated, host Tim Clark is joined by David Nicolardi, a Private Funds and Secondaries partner in Freshfields' Washington, DC office, to examine one of the first principles of fund management: identifying and managing conflicts of interest. The conversation explores how regulators think about conflicts and investment adviser fiduciary duties, drawing on David's experience in the SEC's Division of Investment Management. Tim and David unpack why treating conflicts as mere “speed bumps” to rush past is a dangerous mindset, and why thoughtful identification and management are fundamental to an adviser's fiduciary duty. Tim and David also cover the two pillars of managing conflicts – disclosure and mitigation – and the standard of “full and fair” disclosure, informed consent and when formal approval from investors or an LP advisory committee is required.

In this special joint episode with Sequoia's Infra a Penny podcast, key figures from the insolvency - SIMCo’s Steve Cook, Interpath's Richard Heis, and Freshfields' Jamie Murray Jones - join host Lindsay Hingston to tell the inside story: from the unique challenges of the energy special administration regime, to a creative asset realisation strategy that delivered for customers, creditors and government alike. Stay tuned for more insights into the world of restructuring and thank you for listening to "No Worse Off." In partnership with SIMCo

In this episode, Lindsay Hingston and Alex Thomson dive into one of the most fiercely debated questions in European liability management: how far does the minority protection principle go? By reference to the expert opinion of Lord Neuberger and Dame Gloster — submitted as evidence in the ongoing Selecta litigation in New York — the team unpacks a fundamental disagreement between two of England's most eminent legal minds about the nature and reach of this principle under English law. With live cases keeping the issue firmly in play, this episode sets out what may become the bookends of the debate when it next reaches the English courts. Stay tuned for more insights into the world of restructuring and thank you for listening to "No Worse Off."

Chi fa l'arbitro quando la partita riguarda la concorrenza? In questo episodio di Essential Antitrust – The Italian Voice guardiamo allo sport da una prospettiva diversa, esplorando il ruolo del diritto antitrust in un settore sempre più rilevante dal punto di vista economico. Dal caso Superlega alla recente sentenza ROGON, passando per il pattinaggio, il calcio europeo, le regole sugli agenti sportivi e i trasferimenti dei calciatori: analizziamo alcune delle decisioni che stanno ridefinendo i rapporti tra federazioni, club, atleti e organizzatori di competizioni, per capire come l’antitrust scende in campo quando si parla di sport.

Tune in to the latest episode of our EUnpacked podcast series, where we unpack the forthcoming revision of the EU Emissions Trading System (EU ETS) – the EU’s flagship climate policy and one of its most consequential regulatory frameworks for business. With the European Commission’s legislative proposal which has just been postponed for publication on 17 July. The debate is intensifying around key issues including the future pace of emissions reductions, reforms to free allocation, the role of carbon removals and international credits, and the possible extension of the system to new sectors. In this episode, Freshfields' EU Regulatory & Public Affairs Senior Consultant Karl Thies is joined by James Chapman, Partner in the firm's Energy and Infrastructure practice, and Stefan Schröder, Partner in the firm's Energy Regulatory practice, to discuss what the revision could mean for companies' investment decisions, competitiveness, and decarbonisation strategies in the years ahead.

In our latest episode of "No Worse Off," host Lindsay Hingston is joined by Amsterdam partner Michael Broeders and senior associate Huub Boekhorst for a deep dive into the Dutch restructuring market. The Netherlands is one of Europe's most versatile restructuring jurisdictions - and this episode explains why. How does the WHOA compare to Chapter 11 and the UK scheme? How powerful is Dutch share pledge enforcement? Is the Dutch regime more receptive to LME transactions than elsewhere? They provide answers to all this and more, by reference to the leading cases including McDermott and Selecta. Stay tuned for more insights into the world of restructuring and thank you for listening to "No Worse Off.

In this episode of Well-Caffeinated, host Tim Clark is joined by four Freshfields colleagues to examine one of the most significant trends impacting Private Capital today: the increasing focus on “retail” sources of capital for Private Capital investment strategies. Melissa Hodgman, David Nicolardi, Andrew Gladstein and Jeremy Barr unpack what it means for a Private Capital managers to add a retail component to its investor pool.   The conversation covers the differences between the types of private funds traditionally managed by Private Capital managers and so-called retail funds, such as interval funds, tender offer funds and business development companies (BDCs); the different regulatory regimes applicable to retail funds as compared to traditional closed-end Private Capital products; and the risks associated with managing retail investors in open-ended funds versus institutional investors in closed end products. The panel addresses the areas of sharpest regulatory focus — valuation, liquidity, conflicts of interest, fees and distributions — before closing with practical guidance on how Private Capital managers should think about structuring their compliance programs and managing regulatory, litigation and reputational risks throughout the life cycle of a retail vehicle. For additional context and resources related to today’s discussion, visit the referenced article on the retailization of Private Capital authored by the podcast panel.

Twelve months ago, Daniele Calisti, Head of Unit for Merger Policy and Case Support at the European Commission, joined us to discuss the launch of the Commission's public consultation on the revision of the EU Merger Guidelines. Now, with a draft text on the table, host Jenn Mellott welcomes him back — alongside economist David Foster of Frontier Economics and Brussels partner Thomas Janssens — to get the insider’s perspective on the most significant rewrite of EU merger control in over twenty years. The conversation goes beyond the published text to explore the Commission's own thinking on the revamped efficiencies and "theory of benefit" framework, the new dynamic theories of harm, the differentiated evidential standard, resilience as a parameter of competition, and the Innovation Shield for acquisitions of small innovative companies. Whether you're a friend of the podcast or a new listener, you'll find everything you need in this episode to navigate the reform with confidence. With the consultation closing on 26 June and the Commission already applying the new principles informally, this episode delivers the insight your deal team needs — directly from the source.

In questo episodio, analizziamo come il mercato del lavoro sia diventato un nuovo campo d’azione anche per l’enforcement antitrust in Europa e in Italia. Dalle recenti linee guida della Commissione Europea che contemplano anche gli accordi c.d. no-poach e wage-fixing, fino alle prime sanzioni in diversi Paesi del mondo, esploriamo come le pratiche che limitano la mobilità dei lavoratori stiano entrando nel mirino delle autorità della concorrenza.

Activists are not monolithic and it is critical that companies today understand how activist types and styles impact engagement and campaigns. In this inaugural episode, Julian Pritchard and Leza Bieber are joined by Lauren Odell, Partner at Gladstone Place Partners to examine the nuances of engaging with first-time activists. Moving beyond established funds, our experts analyze new entrants and the unique incentives driving their pursuit of market recognition. We explore why boards should treat every campaign with equal rigor and offer a specialized advisory lens on engaging with unconventional strategies designed to capture shareholder attention and bypass traditional communication channels.