The Department of Justice's Antitrust Division obtained significant fines and prison sentences in 2013, according to the latest edition of its annual newsletter. Expect those enforcement trends to continue.

In total, the Antitrust Division filed 50 criminal cases and obtained $1 billion in criminal fines in fiscal year 2013—one of the highest totals ever obtained and the third time since 2009 that the Division exceeded the $1 billion mark. Of cases brought in 2013, the Division charged 21 companies and 34 individuals.

“We remain steadfast in our efforts to ensure that markets are free of anti-competitive restraints and consumers benefit from robust competition,” said Assistant Attorney General William Baer in a statement.

Furthermore, individuals prosecuted by the Division are being sent to prison with increasing frequency and for longer periods of time. During fiscal year 2013, 68 percent of defendants in these cases received prison time—nearly twice as many who received prison time in the 1990s. Additionally, in fiscal year 2013, the average prison sentence for defendants was 25 months, more than three times the average of eight months in the 1990s.

The agency is also expanding its reach, having established a second criminal office in Washington, D.C. “Its initial focus will be to investigate real estate foreclosure auction bid rigging in the southeastern United States, and over time it will expand to include a full portfolio of matters,” the agency stated.

Ongoing Investigations

In September 2013, the Division brought the largest enforcement action in its history, charging nine companies, and resulting in more than $740 million in fines. Recently, the investigation also yielded the fourth-largest criminal antitrust fine ever imposed—a $425 million fine against Bridgestone.

To date, the investigation has resulted in charges against 26 companies and 29 individuals and more than $2 billion in criminal fines for participation in conspiracies to fix prices of and rig bids on automobile parts. Twenty-three of the individuals have pleaded guilty, or agreed to plead guilty, and face prison sentences as long as two years.

In its newsletter, the Division also highlighted the cases it brought in the LIBOR/Euribor investigation, including the $325 million in criminal penalties against Rabobank. The Division also filed criminal complaints against three former brokers and five former traders for their roles in manipulating LIBOR and/or Euribor benchmark interest rates.

In all, the Division has obtained $475 million in criminal fines and penalties in the ongoing investigation. The total global criminal and regulatory fines, penalties, and disgorgement obtained by enforcement authorities has reached over $3.7 billion.

Municipal Bond Market

The Division, in concert with other federal agencies, continues to obtain convictions in criminal conspiracies involving bid rigging in the municipal bond investments market. The schemes under investigation involve unlawful agreements to manipulate the bidding process on municipal investment and related contracts—financial instruments that were used to invest the proceeds of, or manage the risks associated with, bond issuances by municipalities and other public entities.

Most recently, the Division has brought actions against former executives of UBS and Bank of America. To date, the Division's has charged 20 former executives of various financial services companies and one company in the ongoing investigation. Seventeen of the executives charged have pleaded guilty or were convicted at trial. In addition, financial institutions have agreed to pay a combined total of nearly $750 million in restitution, penalties, and disgorgement to federal and state agencies for their roles in the conduct.

The Division's 2014 edition of its annual newsletter may be found here.