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Cartel & Criminal Practice Committee's Bi-Monthly Update

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Morrison Foerster Antitrust Group partners Lisa Phelan, Joseph Folio III, Megan Gerking, and Margaret Webb will present the...

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Morrison Foerster Antitrust Group partners Lisa Phelan, Joseph Folio III, Megan Gerking, and Margaret Webb will present the Cartel & Criminal Practice Committee Update: January 2026 as part of a bi-monthly webinar series hosted by the American Bar Association on Wednesday, January 28, 2026, at 1:00 p.m. ET.The webinar will examine key cartel enforcement developments from the past year, including recent investigations, notable enforcement actions, and trends in private civil litigation, and will consider anticipated enforcement priorities and policy directions for global competition authorities in the year ahead.The discussion will also address evolving enforcement strategies, the role of emerging technologies in detection and compliance, and practical considerations for companies navigating an increasingly complex enforcement environment.For more information and event registration, visit the <a href="https://www.americanbar.org/events-cle/mtg/web/455667788/" target="_blank">event website</a>.<hr>

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<div class="videoWrapper"><iframe class="sticky-video" allowfullscreen="1" allow="autoplay; encrypted-media" frameborder="0" src="https://www.youtube-nocookie.com/embed/Q0TTyb7UVt4?rel=0" title="Lisa M. Phelan" title="iframe"></iframe></div>Lisa Phelan, former Chief of the National Criminal Enforcement and Washington Criminal I Sections of the Antitrust Division of the U.S. Department of Justice (DOJ), is a partner and co-chair of Morrison Foerster’s Global Antitrust Law Practice Group and a member of the Investigations + White Collar Group. With more than 25 years of service at the DOJ as one of the leading authorities in criminal antitrust matters, Lisa draws upon her unmatched criminal investigations, litigation, and enforcement experience to guide clients through sensitive issues pertaining to domestic and international cartel actions and white-collar investigations and to rapidly assess and address their risk and total exposure to potential claims of unlawful collusion.Clients turn to Lisa for her knowledge and understanding when subpoenaed or when enforcement agencies execute a search warrant or stage a dawn raid. Few have the breadth of her experience to counsel and represent clients through each step of a cartel investigation, leniency application, plea negotiation, or criminal jury trial. Additionally, Lisa is an expert in the components of effective compliance programs and is an asset to clients in preventing antitrust problems before they arise. She has led complex antitrust matters across numerous major industries, including financial services, technology, aviation, automotive, shipping, paper, petroleum, chemicals, and pharmaceuticals, among others.As Chief of the National Criminal Enforcement and Washington Criminal I Sections of the Antitrust Division, Lisa supervised and coordinated all investigative and litigation work on international and national criminal cartel cases. Lisa regularly coordinated investigations and prosecutions with cartel enforcement agencies worldwide, including in the European Union, Japan, Mexico, Korea, the United Kingdom, Australia, New Zealand, Chile, and Brazil, among others. Additionally, she often interfaced with other law enforcement units when investigations raised non-antitrust issues.Before Lisa was appointed Chief of National Criminal Enforcement, she served as a senior criminal litigator in the Antitrust Division, leading investigations and trials of multinational corporations and their executives for price-fixing and related crimes. Lisa prosecuted more than 300 federal criminal cases and led and oversaw dozens of jury trials throughout her tenure at the DOJ.Lisa has received numerous accolades throughout her career, including the Presidential Rank Award, awarded by President Obama in 2015, the Attorney General’s Distinguished Service Award, awarded by Attorney General Eric Holder in 2014; and, on multiple occasions, the Assistant Attorney General’s Outstanding Service Award, while serving as a lead trial attorney and a senior official at the DOJ.Law enforcement agencies and competition partners consult Lisa on best practices and policies in cartel enforcement and leniency programs. She has been frequently acknowledged for her insight and dexterity in the fields in which she practices. Recognitions include:<ul><li>“[Lisa’s] ability to distill information and come to solutions is amazing. We are lucky to be represented by her.” –Chambers USA, 2022 (Client Testimonial)</li><li>“[Lisa] is very knowledgeable on DOJ practices and policies.” –Chambers USA, 2022 (Client Testimonial)</li><li>“[Lisa] is excellent and gives well thought-out and practical advice.” –Chambers USA, 2021 (Client Testimonial)</li><li>“Lisa Phelan has three decades of experience as a DOJ attorney, including serving as Chief of the National Criminal Enforcement section of the Antitrust Division. She is prominent in the market and well-placed to advise clients on criminal cartel proceedings. Sources describe her as a 'fantastic lawyer,’ who ‘knows everything.’” –Chambers USA, 2020</li></ul>Lisa frequently speaks at American Bar Association (ABA), International Competition Network, International Bar Association, and various prominent white-collar crime conferences. She has been an active participant in ABA programs and activities for nearly three decades. Currently, she serves as co-chair of the Antitrust Section’s International Cartel Task Force, which regularly meets with competition agency heads from around the globe to provide thought leadership and to advise on competition law changes and practices, including leniency program criteria. She is also a leader on the Antitrust Section’s Influencer Task Force. Additionally, Lisa proposed and worked to establish the ABA Antitrust Section’s Women.Connected Committee.Lisa has long championed the advancement of women within the legal profession and in the Antitrust Bar in particular. Recognized by MLex as a “trailblazer” for women in antitrust, in recent years, she founded the “Women in Cartel” group, which has expanded its membership nationally and internationally. More than once, she has been named one of Global Competition Review’s Top “Women in Antitrust.” In addition, Lisa serves on the firm’s Women’s Strategy Committee, working closely with firm leaders to ensure that the advancement of women is a constant strategic priority. Lisa is a member of the Women’s White Collar Defense Association.Lisa received her J.D. magna cum laude from American University, Washington College of Law, where she served on the International Law Journal. She received her B.A. summa cum laude, also from American University. Lisa is an adjunct Professor at AU law school, teaching a seminar on Criminal Antitrust.<h4>Representative Experience</h4><ul><li>Represent a European executive indicted in the U.S. on a criminal Sherman Act charge of bid rigging on government contracts.</li><li>Represent a major national healthcare company investigated by DOJ’s Antitrust Division on allegations of criminal agreements not to hire or solicit employees from another major national healthcare company. Obtained a non-prosecution agreement from DOJ for the company and all of its executives.</li><li>Represent a large national health staffing company in multiple grand jury investigations around the U.S. for various alleged Sherman Act criminal violations. Obtained non-prosecution commitment from DOJ for the company and its executives in all matters.</li><li>Represent a major Japanese component parts maker subject to a grand jury investigation by DOJ. Obtained a non-prosecution decision for the company and its executives.</li><li>Represent a large national media company in meetings with DOJ regarding possible anticompetitive conduct.</li><li>Represent a major prescription services company under investigation by the FTC for possible monopolization and abuse of dominance violations.</li><li>Represent an oil and gas industry company under grand jury investigation by the Antitrust Division and obtained a non-prosecution decision from DOJ.</li><li>Represent numerous CEOs and high-level executives in numerous criminal antitrust grand jury investigations.</li></ul>

Lisa Phelan

Co-chair Global Antitrust Law Practice Group

Joseph Folio is a trial lawyer and partner in Morrison Foerster’s Global Antitrust Law, Congressional Investigations (co-chair), Crisis Management, and Data, Cyber + Privacy Groups, with more than a dozen years of experience leading complex government investigations and high-profile litigation.Joe has extensive experience in cartel investigations, congressional investigations, and complex civil litigation. Having served in all three branches of the federal government, and with his experience in both criminal and civil litigation, Joe is able to leverage his insider knowledge across a variety of enforcement perspectives to guide clients through difficult cases. He is also a member of our global Sustainability + Corporate Responsibility steering committee.As a prosecutor in the Antitrust Division of the U.S. Department of Justice (DOJ), he investigated companies and individuals involved in domestic and international antitrust cartels. Among them, he oversaw all aspects of the investigation into generic pharmaceuticals as the case’s chief of staff, including the handling of the parallel multidistrict litigation case brought by several state attorneys general and private plaintiffs. He also prosecuted and investigated cases in the international freight forwarding industry and cases involving bid rigging in state infrastructure projects.Prior to joining Morrison Foerster, Joe served as Chief Counsel for the Committee on Homeland Security & Governmental Affairs, the chief oversight committee of the U.S. Senate. In this position, he oversaw a variety of investigations, including the coordination of investigations with other Senate and House committees with overlapping jurisdictions. He also advised the committee on all policy issues falling within its broad jurisdiction, including cybersecurity, border security, domestic terrorism, election security, supply chain security (including 5G policy), and reforming the National Emergencies Act. Joe advised committee members on oversight of the Cybersecurity and Infrastructure Security Agency (CISA) within the Department of Homeland Security, legislation providing CISA with administrative subpoena authority, the creation of the National Cyber Director, and oversight of government and private efforts to protect against and respond to cyber breaches and ransomware attacks.While at the Federal Programs Branch of the DOJ’s Civil Division, Joe handled complex, high-profile litigation, focusing largely on national security matters, and his clients included the FBI; the Departments of Defense, Homeland Security, and State; and several members of the U.S. Intelligence Community. He also represented the Export-Import Bank against multiple administrative and constitutional challenges. Due to the cutting-edge nature of this litigation, he has experience navigating the inter-agency process when cases raise novel legal or policy issues that must be resolved at the highest levels.Joe received his B.A., magna cum laude, in philosophy and government from Georgetown University; M.A. with honors in national security studies from Georgetown University; and J.D., cum laude, from the George Mason University School of Law. After graduating from law school, Joe clerked for the Honorable Richard L. Voorhees in the U.S. District Court for the Western District of North Carolina.<h4>Representative Matters</h4>Antitrust<ul><li>Representing a major U.S. healthcare company in a criminal antitrust investigation of alleged “no-poach” conduct.</li><li>Representing a senior executive of an international company in a U.S. criminal cartel investigation.</li><li>Representing Nexstar Media Group in a putative class action alleging that certain media companies conspired to fix the prices of local television advertising.</li></ul>Congressional Investigations<ul><li>Representing Andy Karsner, a member of ExxonMobil’s board of directors, in response to a high-profile House Oversight and Reform Committee investigation regarding the role of the fossil fuel industry in addressing climate change, including preparing him to testify before the committee.</li><li>Representing a former government official who testified before the House Select Committee to Investigate the January 6th Attack on the U.S. Capitol.</li><li>Representing a Fortune 100 company responding to inquiries from committees and members regarding its policies and practices.</li></ul>

Joseph Folio III

Partner

Megan Gerking is a partner in Morrison Foerster’s Global Antitrust Law practice, specializing in government-facing antitrust matters. Megan represents companies in criminal and civil conduct investigations before the U.S. Department of Justice (DOJ) Antitrust Division, Federal Trade Commission (FTC), and state enforcers and in all phases of the merger review process before U.S. and foreign competition authorities.Megan, a former trial attorney with the DOJ’s Antitrust Division, is an experienced antitrust attorney focused on complex antitrust law matters, including government investigations, strategic transactions, and civil litigation. She regularly counsels clients on antitrust issues arising from industry consortiums, trade association activities, and other collaborations. While serving in the Antitrust Division, Megan investigated and prosecuted federal antitrust violations and international cartel cases. She leverages her DOJ experience when reviewing, developing, and implementing clients’ antitrust compliance programs and routinely delivers antitrust compliance training for employees.As part of Megan’s merger practice, she regularly helps clients in all aspects of merger review, including developing strategy for structuring transactions, assessing and complying with obligations under the Hart-Scott-Rodino Antitrust Improvements Act (“HSR Act”), and securing clearance from antitrust enforcers in the United States and abroad. Megan has represented third parties in agency reviews of deals, including at trial.Megan has experience representing clients across a broad range of industries, including media, telecom, technology and software, financial services, consumer products, aviation, higher education, manufacturing, agriculture, and life sciences. While in the Antitrust Division, Megan prosecuted the first individual extradited to the United States on an antitrust charge. For her work investigating and prosecuting international price fixing, bid rigging, and market-allocation conspiracies by automotive parts suppliers, Megan earned the Assistant Attorney General’s Award for Distinguished Service. Megan was also awarded the DOJ’s Outstanding Mentor Award by the Attorney General. Further, she was recognized this past year in Bloomberg Law’s 40 Under 40 and as a finalist for The American Lawyer’s 2022 Young Lawyer of the Year. Additionally, Megan has served as a Non-Governmental Advisor to the International Competition Network (ICN) and spoke at the ICN Cartel Workshop in Lisbon, Portugal, in November 2022. Megan is also a member of our global Environmental, Social, and Governance (ESG) steering committee.Megan is currently an editor of ABA magazine The Antitrust Source. Megan received her J.D., cum laude, from Georgetown University Law Center, where she served on the editorial board of The Tax Lawyer. She received her B.A. in economics and political science from the University of Michigan.Before attending law school, Megan worked in the DOJ’s Office of Public Affairs, assisting the Assistant Attorney General of the Antitrust Division in all media matters and serving as a spokesperson for national media. She also worked as a paralegal for the Antitrust Division, supporting trial attorneys investigating and prosecuting corporations and individuals for violations of criminal antitrust laws.<h4>Representative Experience</h4><h5>Criminal and Civil Antitrust Investigations</h5><ul><li>Obtained non-prosecution protection for two healthcare companies she represented in separate DOJ Antitrust Division criminal investigations.</li><li>Represented an energy company in a criminal investigation.</li><li>Obtained a non-prosecution agreement for a senior executive in a criminal investigation into market allocation and bid rigging of generic drugs by the DOJ.</li><li>Regularly advises senior executives on DOJ antitrust criminal investigations involving allegations of price fixing, market and customer allocation, and bid rigging and obtained non-prosecution protection for several individuals.</li><li>Assisted a technology company in an FTC monopolization investigation.</li><li>Represented a private equity fund in a state AG investigation.</li><li>Counseled a senior executive in an international criminal cartel investigation.</li><li>Obtained a non-prosecution agreement for a senior executive in a criminal investigation into conduct related to the hiring of employees.</li></ul><h5>Antitrust Merger Review</h5><ul><li>ShowingTime. Navigated ShowingTime Inc., a leading real estate showing management and market stats technology provider, through an extended review by the Federal Trade Commission of its $500 million vertical acquisition by Zillow Group. </li><li>Unity Technologies Corp. Obtained merger clearances for Unity in connection with an asset carve-out acquisition from Weta Digital for certain assets, including its audiovisual effects development and management software tools, for a purchase price of $1.625 billion. </li><li>Grant Thornton. Advised and obtained merger clearances for Grant Thornton LLP in connection with the sale of its Public Sector Advisory practice to Guidehouse.</li><li>Divvy. Represented Divvy, a leader in spend management, in its $2.5 billion stock and cash sale to Bill.com.</li><li>NTT LTD. Represented NTT, a leading IT infrastructure and services company, in its $330 million cash sale of WhiteHat Security to Synopsys, Inc.</li><li>Palo Alto Networks. Advised Palo Alto Networks on its agreement to acquire Cider Security, a pioneer in application security and software supply chain security.</li><li>Continental Building Products. Represented Continental Building Products, a North American leader in wallboard and joint compound materials, in negotiations to secure antitrust approvals for its sale to Saint-Gobain. The transaction cleared without a “second request” investigation.</li><li>The Walt Disney Company. Assisted The Walt Disney Co. in its $71 billion acquisition of certain businesses from 21st Century Fox.</li><li>Bombardier. Represented Canadian aircraft manufacturer Bombardier in connection with the worldwide antitrust clearance of its sale of a controlling interest in the “C Series” line of commercial passenger jets to Airbus. The transaction cleared without any second-phase reviews.</li><li>Advised third parties on civil investigative demand (CID) responses, including Nouryon, a global specialty chemical leader, as a third-party witness in an FTC litigation challenge of a transaction between Evonik and PeroxyChem.</li><li>Counseled corporate clients on antitrust issues in complex transactions, including collaborations, joint ventures, acquisitions, and mergers.</li></ul><h5>Antitrust Litigation</h5><ul><li>Glenmark Pharmaceuticals, Inc. Representing Glenmark in a federal antitrust multidistrict litigation alleging price fixing and market allocation of generic drugs by manufacturers of generic drugs.</li><li>Nexstar Media Group. Representing Nexstar, America’s largest local television and media company, in federal antitrust litigation alleging price fixing in television advertising.</li><li>Represented a leading international financial institution in multiple, sprawling class action lawsuits alleging a global conspiracy by some of the world’s largest banks to manipulate the interbank offer rate (IBOR) benchmark for multiple currencies.</li></ul>

Megan E. Gerking

Margaret Webb is Of Counsel in Morrison Foerster’s Litigation Department and a member of the firm’s Global Antitrust Law Group. Margaret represents clients in a wide range of antitrust matters, including civil litigation, criminal and internal investigations, and compliance. She also has experience in a variety of commercial disputes, ranging from breach of contract to misappropriation of trade secrets. Her clients span a broad range of industries, including media, technology and software, manufacturing, and health care. Margaret’s active pro bono practice includes representing clients in asylum, civil rights, and free speech matters.Prior to joining Morrison Foerster, Margaret handled complex commercial litigation matters at another global law firm. She received her J.D. from the UC Berkeley School of Law, where she worked on the California Law Review and Berkeley Technology Law Journal. As a law student, Margaret externed for the Honorable Kim Wardlaw in the Ninth Circuit. Margaret received her B.A., summa cum laude, from the University of California, Los Angeles.

Margaret Webb

Of Counsel

Government Strategies

Antitrust Law

Cartel & Criminal Practice Committee's Bi-Monthly Update

28 Jan 2026 10:00 AM - 11:00 AM EST