Affected volume of commerce: how the concept is interpreted to calculate cartel fines in the United States and in Brazil

Abstract

Fines for antitrust violations – and cartel infringements in particular – are frequently mentioned in the lists of largest corporate fines of all times. This paper is divided in two parts. In the first one it discusses how the US courts have interpreted the affected “volume of commerce” and what should be used for that base level of the fine. In the second part it addresses the law in Brazil and what I consider needs to be changed so that Brazil becomes aligned with the other major jurisdictions when it comes to best practices in fining wrongdoers for cartel violations.