Doctrine Of Ancillary Restraints Can't Save Libor Offenders

Law360, New York (January 5, 2016, 11:46 AM EST) -- I wrote a short while ago in the Law360 Expert Analysis section about the Libor case. I write about it again to explain the distinction between "naked restraints of trade" and "ancillary restraints of trade." Naked trade restraints are presumptively unlawful under the Sherman Act and are always present in any properly condemned per se offense, while ancillary restraints are subject to challenge only under the "structured rule of reason" and even then only when they demonstrably harm competitive processes in a properly defined market....

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