Charles F. (Rick) Rule

Partner
Washington,  DC  U.S.A.
Phone202 862 2420

Peer Rating
 5.0/5.0
AV® Preeminent

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Experience & Credentials Ratings & Reviews
 

Practice Areas

  • Antitrust
  • Antitrust Litigation & Civil Investigations
  • Asia Competition Law
  • Grand Jury and Cartel Investigations, Amnesty, and Compliance
  • Litigation
  • M&A Clearance & Counseling
 
University Vanderbilt University, B.A., summa cum laude, 1978
 
Law SchoolUniversity of Chicago Law School, J.D., 1981
 
Admitted1983, District of Columbia
 
Memberships V2N1 Mar 26, 2014

Videos

• The New EU Competition Commissioner - Margrethe Vestager Sep 15, 2014

 
Biography

Charles (Rick) Rule, the head of the firm's Antitrust Group, co-chair of the firm's Litigation Department, Managing Partner of the Washington office, and a member of the firm's Management Committee, focuses his practice on providing U.S. and international antitrust advice to major corporations in connection with “bet your company” matters, particularly high-profile mergers, acquisitions, and joint ventures. He also represents corporate clients in connection with civil and grand jury investigations by the U.S. Department of Justice, the Federal Trade Commission, and the European Commission and in private and governmental litigation both at the trial and appellate levels.

Among his clients are Microsoft Corporation; ExxonMobil; US Airways Inc.; Celanese Corporation; Northrop Grumman Corporation; Goldman, Sachs & Co.; Morgan Stanley; Dexia; the National Basketball Association; the National Football League; TradeWeb, Inc.; Bacardi & Company Ltd.; Eli Lilly & Company, and Goodyear Tire and Rubber Co.

Acknowledged as one of the world's leading antitrust lawyers, Rick is regularly listed in recognized legal rankings, including:

Chambers USA: America's Leading Lawyers for Business
Chambers Global: The World's Leading Lawyers For Business
The Legal 500 US
The Best Lawyers in America
Global Competition Review
Benchmark Litigation
Financial Times US Innovative Lawyers Report, where he was named a top legal innovator for his work on behalf of Microsoft Corporation
The Legal Times
Law Dragon 500
Who's Who in America; Who's Who in the East; Who's Who in American Law; and Who's Who in Competition Law
The Washingtonian

Rick has played a lead role in the antitrust clearance of some of the highest-profile mergers in recent years. For example, he represented US Airways in its merger with America West in 2006 and American Airlines in 2013; he advised AB InBev in connection with its acquisition of Modelo; Microsoft in its acquisition of Nokia's handset business and of Skype; Pfizer in its acquisition of Wyeth; MGM-Mirage in its acquisition of Mandalay Bay; and Exxon in its acquisition of Mobil.

Rick was also a key member of the team that negotiated on behalf of Microsoft a conclusion to the historic antitrust lawsuit that the Justice Department and a number of states pursued against the company.

Rick has represented numerous corporations and individuals in connection with civil and criminal grand jury investigations by the Department of Justice and other enforcement agencies involving allegations of price-fixing, market allocation, bid-rigging, and other criminal conduct on a national or global scale. Based on his former government experience and his ongoing professional interactions with senior government officials at the antitrust agencies, Rick advises clients in effective strategies in protecting their interests throughout the investigation process. In several cases, he has been hired to replace original counsel and helped the company/individual avoid indictment and, in many cases, avoid the need for even a plea agreement or amnesty application. Rick has also been retained as an expert witness concerning the government's criminal antitrust enforcement and its leniency program.

Rick has also handled major civil and criminal litigation and argued numerous times in court on behalf of clients such as Microsoft, US Airways, a television network and its affiliates, and the Pasha Group, Kentucky Speedway, Dexia, Morgan Stanley, and Fair Isaac Corporation. While in government, he argued on behalf of the United States in several appeals and before the U.S. Supreme Court in Matsushita Elec. Indus. Co. v. Zenith Radio Corp., 475 U.S. 574 (1986).

Rick is at the forefront of antitrust and is uniquely capable of advising clients on the antitrust regulatory environment affecting the way they do business globally. As agencies and rules evolve, he assists clients in understanding the new legal framework, assessing the legal risk and rewards associated with a range of competitive strategies, and working with government bodies to take advantage of, and insure appropriate compliance with, the regulations governing the client's chosen strategy. He has unique experience in counseling on antitrust and competition matters for multinational clients operating in China and guiding companies in complying with China's foreign antitrust laws as they expand into Asia.

He began his career as William Baxter's special assistant in the Antitrust Division of the Justice Department. He served as acting head of the Division for part of 1985 and was permanently appointed to the position in late 1986, becoming the youngest person ever to be confirmed by the Senate as Assistant Attorney General in charge of the Antitrust Division. In 1988, in recognition of his exemplary performance, he received the Edmund J. Randolph Award from the Justice Department. Following his departure from the Justice Department in 1989, Rick was a partner and head of the antitrust practice at a leading Washington, D.C. law firm, and subsequently became the head of the global antitrust practice of another major New York firm.

Rick is a frequent author and lecturer on antitrust and regulatory topics, and he has participated in numerous conferences, workshops, and programs on issues of merger enforcement and trade regulation. Recently, he has published articles in the application of antitrust rules to Google in, for example, the Wall Street Journal and U.S. News & World Report. Rick also has served as a Distinguished Adjunct Professor of Law at American University's Washington College of Law. He was the inaugural chair of the Corporations, Securities and Antitrust Practice Group of the Federalist Society and served as Chair of the Economics Committee of the American Bar Association's Antitrust Section. He is an emeritus member of the advisory board of BNA's Antitrust & Trade Regulation Report, the Washington Legal Foundation, and the Landmark Legal Foundation. He is a member of the Board of Directors of the Children's Law Center and previously has served on the Visiting Committee of the University of Chicago Law School.

Rick received his J.D. from the University of Chicago Law School and his B.A., summa cum laude, from Vanderbilt University. Following law school, he served as a law clerk for Chief Judge Daniel M. Friedman of the former U.S. Court of Claims (now the Court of Appeals for the Federal Circuit). He is admitted to the bar in the District of Columbia.

News Releases

• Cadwalader Named Among Leaders in 2015 Benchmark Litigation Rankings Nov 06, 2014

• Cadwalader Attorneys, Practices Recognized in 2015 Edition of The Best Lawyers in America Aug 18, 2014

• Cadwalader Recognized Among Leading Firms in The Legal 500 US 2014 Jun 27, 2014

• Super Lawyers Recognizes Cadwalader's Washington, D.C. Attorneys Apr 25, 2014

• Cadwalader's Antitrust Group Captures Pair of 2014 Global Competition Review Awards Mar 26, 2014

• Cadwalader Attorneys, Practices Recognized by 2014 Chambers Global Guide Mar 25, 2014

• Cadwalader Nominated for Three Key 2014 Global Competition Review Awards Feb 21, 2014

• Benchmark Litigation Names Cadwalader the “Antitrust” Practice of the Year in U.S. Jan 30, 2014

• Cadwalader Announces 2014 Management Committee Jan 15, 2014

• The Washingtonian Names Four Cadwalader Partners to its 'Best Lawyers' List Dec 04, 2013

• Cadwalader Litigators Recognized Nationally, Locally by Benchmark Litigation 2014 Nov 20, 2013

• Cadwalader Assists US Airways in Settlement with DOJ on Merger with American Airlines Nov 14, 2013

• Cadwalader Recognized in 2013 Edition of The Legal 500 US Oct 25, 2013

• 2014 Edition of The Best Lawyers in America Recognizes 44 Cadwalader Attorneys Across a Range of Practices Oct 22, 2013

• Cadwalader Lauded as 'Highly Recommended' Antitrust Firm by Global Competition Review May 13, 2013

• Washington, D.C., Super Lawyers Recognizes 15 Cadwalader Attorneys May 01, 2013

• More Than 25 Cadwalader Attorneys in 17 Practice Areas Recognized by 2013 Chambers Global Guide Apr 08, 2013

• IFLR 1000 Again Names Cadwalader a Leader in Core Transactional Areas of Practice Nov 06, 2012

• Benchmark Litigation Names Cadwalader Litigators as Outstanding in Their Fields Oct 18, 2012

• 2013 Edition of The Best Lawyers In America Recognizes 45 Cadwalader Attorneys in Multiple Areas of Practice Oct 06, 2012

• The Legal 500 Recognizes More than 15 Cadwalader Practices and 47 of the Firm's Lawyers Across U.S. Offices Jun 06, 2012

• Cadwalader Antitrust Team Recognized for Its Work on Microsoft-Skype Deal Apr 02, 2012

• Cadwalader Partners Gregory Markel and Rick Rule Named to LawDragon 500 Jan 03, 2012

• Rick Rule Named Top Antitrust Lawyer by the Washingtonian Dec 01, 2011

• Cadwalader Named a Highly Recommended Litigation Firm by Benchmark Nov 17, 2011

• Cadwalader Ranked Among the Top 25 Most Innovative Law Firms by the 2011 Financial Times US Innovative Lawyers Report Nov 03, 2011

• 2012 Edition of The Best Lawyers In America Recognizes 45 Cadwalader Attorneys in 30 Areas of Practice Sep 06, 2011

• The Legal 500 U.S. Recommends Cadwalader in 13 Areas of Practice and Highly Ranks More Than 50 Attorneys Jun 01, 2011

• Super Lawyers Taps Cadwalader DC Attorneys as Outstanding in Their Fields May 20, 2011

• The Best Lawyers In America Recognizes 37 Cadwalader Attorneys in 21 Areas of Practice Aug 04, 2010

• Cadwalader Practices Commended by US Legal 500 Jun 16, 2010

• Cadwalader Named to Winner's Circle at M&A Atlas Awards Feb 24, 2010

• Cadwalader Assists Microsoft in Securing Regulatory Approval for Search Alliance with Yahoo! Feb 22, 2010

• Cadwalader Transaction Named IDD Deal of the Year Feb 12, 2010

• Washingtonian Names Three Cadwalader Attorneys “Top Lawyers” Dec 03, 2009

• Cadwalader Practitioners Lauded in Latest Edition of Benchmark Litigation Oct 08, 2009

• 2010 Edition of The Best Lawyers In America Recognizes Numerous Cadwalader Attorneys Aug 07, 2009

• Cadwalader Lauded in Multiple Practices in Chambers USA Jun 12, 2009

• Cadwalader Receives High Marks from The Legal 500 Jun 03, 2009

Recent Press

• China Shows Regulatory Heft by Sinking Shipping Deal Jun 17, 2014

• Dem's Blast Verizon's Cable Plan as Competition Truce Mar 21, 2012

• Google, Microsoft Sort of Square Off Mar 14, 2012

• U.S. Innovative Lawyers 2011 Nov 03, 2011

• The Google-Slayers May 04, 2010

• Washington's Top Lawyers Dec 07, 2009

• New Deals - Lawyers on Major Transactions Jan 29, 2009

• A Long Weekend for Cadwalader, Simpson and Wachtell Jan 26, 2009

• Senators Ask FTC for 'Thorough' Google Antitrust Probe Dec 20, 2011

Recognition

• Cadwalader Named Among Leaders in 2015 Benchmark Litigation Rankings Nov 06, 2014

• Cadwalader Attorneys, Practices Recognized in 2015 Edition of The Best Lawyers in America Aug 18, 2014

• Cadwalader Recognized Among Leading Firms in The Legal 500 US 2014 Jun 27, 2014

• Chambers and Partners USA 2014 May 23, 2014

• Super Lawyers Recognizes Cadwalader's Washington, D.C. Attorneys Apr 25, 2014

• Cadwalader's Antitrust Group Captures Pair of 2014 Global Competition Review Awards Mar 26, 2014

• Cadwalader Attorneys, Practices Recognized by 2014 Chambers Global Guide Mar 25, 2014

• Cadwalader Litigators Recognized Nationally, Locally by Benchmark Litigation 2014 Nov 20, 2013

• Cadwalader Recognized in 2013 Edition of The Legal 500 US Oct 25, 2013

• 2014 Edition of The Best Lawyers in America Recognizes 44 Cadwalader Attorneys Across a Range of Practices Oct 22, 2013

• Chambers and Partners USA 2013 May 24, 2013

• Super Lawyers Recognizes 15 Cadwalader Attorneys in Washington, D.C. May 01, 2013

• International Financial Law Review's 2013 IFLR 1000 Nov 06, 2012

• 2013 Benchmark Litigation: The Definitive Guide to America's Leading Litigation Firms and Attorneys Oct 18, 2012

• Super Lawyers 2012 Oct 15, 2012

• The Best Lawyers In America 2013 Oct 06, 2012

• Chambers and Partners USA 2012 Jun 07, 2012

• 2012 Legal 500 US Jun 06, 2012

• Global Competition Review's 2012 Merger Control Matter of the Year Apr 02, 2012

• Chambers and Partners Global 2012 Mar 01, 2012

• Gregory A. Markel and Rick Rule Named Among Lawdragon's 500 Leading Lawyers in 2011 Jan 03, 2012

• Rick Rule Named Top Antitrust Lawyer by Washingtonian Magazine Dec 01, 2011

• U.S. Innovative Lawyers 2011 Nov 03, 2011

Clients & Friends Memos

• US DOJ's First Successful Extradition Based on Antitrust Charges Apr 16, 2014

• FTC Continues Aggressive Posture on Reverse Payment Settlement Agreements with Reference to Disgorgement Apr 03, 2014

• FTC Continues Antitrust Focus on Health Care Sector With Upcoming Two-Day Health Care Competition Workshop Feb 21, 2014

• China's Simplified Merger Review Program May Significantly Reduce Wait Times for Certain Global Transactions Feb 19, 2014

• Takeaways from Government Victories in Recent Antitrust Merger Trials Feb 03, 2014

• FTC Announces 2014 Thresholds for Merger Control Filings Under HSR Act and Interlocking Directorates Under the Clayton Act Jan 21, 2014

• New York Court Affirms Jury Verdict against Chinese Manufacturers of Vitamin C, Awards Attorneys' Fees to Plaintiffs Jan 03, 2014

• Settlement of the US Airways/American Airlines Merger Litigation Highlights Changing Antitrust Landscape Nov 19, 2013

• FTC Expands Reporting Requirements for Transfers of Pharmaceutical Patent Rights Nov 11, 2013

• Lessons Learned from Recent Penalties for Failures to File HSR Notification Jul 15, 2013

• Supreme Court Decision Compels Brand-Name and Generic Drug Manufacturers Alike to Rethink Hatch-Waxman Litigation Strategies Jun 18, 2013

• Chinese Companies Accused of Participating in Vitamin C Cartel Nearing Trial (English & Chinese) Feb 27, 2013

• Antitrust Division Enters Into First Deferred Prosecution Agreement (English, Japanese & Chinese) Feb 27, 2013

• Supreme Court Rules Phoebe Putney's Acquisition is Not Immune Under the State-Action Doctrine Feb 21, 2013

• Criminal Antitrust Whistleblower Act Reintroduced Feb 08, 2013

• HSR Thresholds Increased for 2013 Jan 14, 2013

• The Japan Fair Trade Commission's Report on Corporate Compliance Programs (English & Japanese) Jan 11, 2013

• European Commission and China Sign Memorandum of Understanding on Antitrust Cooperation Oct 04, 2012

• Record $1 Billion Fine and 10-Year Prison Sentences Recommended by Department of Justice for Taiwanese Corporation in Antitrust Case Sep 17, 2012

• New York Federal Court Refuses to Dismiss Chinese Company From U.S. Price-Fixing Case Aug 17, 2012

• Conference Series to Address Competition Issues in China and Globally Mar 27, 2012

• FTC/DOJ Announce Significant Changes to HSR Premerger Notification Form Aug 02, 2011

Books

• Chambers Legal Practice Guide: Merger Control

An ever-increasing number of jurisdictions are adopting or amending their existing merger control regimes. As a result, complexity, uncertainty and burdens for multinational merging parties are also on the rise. Navigating the patchwork of rules and requirements of merger control regimes around the world can increase cost and cause delays, both of which are of the utmost concern to many parties in the current uncertain economic and financial climate. Uncertainty may be compounded as new and untested regimes come online, non-competition concerns find their way into merger control reviews and experienced regulators change - or claim to change - their substantive analytical frameworks. Published by Chambers & Partners, Charles (Rick) Rule and Jonathan Kanter authored the chapter analyzing merger enforcement in the USA.

Articles

• Is Google a Monopolist? Sep 17, 2010

Events

• The New EU Competition Commissioner Sep 15, 2014

• Global Competition Review's Live 3rd Annual Law Leaders Asia-Pacific Conference Mar 06, 2014

• China - Inside and Out Sep 16, 2013

• 2012 International Cartel Enforcement & Amnesty Forum in Japan Nov 26, 2012

• Investing in China: QFII, QDLP, Direct Investment, Compliance, and Exits Oct 15, 2012

Experience

Recent representations include:

Corporate
•Microsoft Corporation:
•In connection with its acquisition of Nokia's handset business.
•In its role in the acquisition of more than 6,000 patents from Nortel.
•In its purchase from AOL of more than 800 patents and related patent applications as well as a non-exclusive license to AOL's retained patent portfolio for $1.1 billion, and in the subsequent assignment of a significant portion of those IP assets to Facebook Inc. for $550 million.
•In connection with its $8.5 billion acquisition of Skype, the company's largest acquisition to date, which was recognized as 2012 Merger Control Matter of the Year - Europe by Global Competition Review.
•In connection with its acquisition of Yahoo!'s search business and subsequent partnership agreement with Yahoo!.
•In connection with the sale of its online advertising agency Razorfish to Publicis Groupe for $530 million and Microsoft's 5-year strategic alliance agreement with Publicis Groupe.
•As lead antitrust counsel in a number of other transactions over the last ten years
•US Airways:
•In its high-profile merger with American Airlines, subsequent litigation, and settlement with the Department of Justice.
•In its 2009 agreement with Delta Air Lines to swap slots at New York LaGuardia and Reagan National airports.
•In its efforts to acquire Delta out of bankruptcy.
•In its merger with America West Airways.
•In its proposed merger in 2000 with United Airlines.
•In connection with British Airways' investment in US Airways in the early 1990s, and in connection with US Airways' successful efforts to force BA to divest that interest.
•AB InBev in connection with the acquisition of the remainder of Modelo in 2012-13.
•The U.S. Treasury in connection with the bailout of General Motors and Chrysler.
•Exxon Corporation in its successful merger with Mobil Oil Corporation.
•Pfizer in its acquisition of Wyeth in a $68 billion cash and stock transaction that created one of the world's most diversified companies in the global health care industry.
•Vertis Holdings, Inc., in its acquisition by QuadGraphics.
•MGM Mirage in its acquisition of Mandalay Resort Group.
•Monsanto's acquisition of Delta and Pine Land Company where antitrust merger clearance was achieved via consent decree following an investigation by the Antitrust Division of the DOJ, which sought to challenge the same transaction in the late 1990s.
•Island ECN in its merger with Instinet.
•Northrop Grumman in its acquisition of Newport News.
•WorldCom Inc. in its attempted acquisition of Sprint Corporation
•NYNEX in its merger with Bell Atlantic to create Verizon Communications.
•Celanese Corporation in connection with various acquisitions and divestitures.
•Eli Lilly & Company and its subsidiaries in connection with a variety of acquisitions and licensing transactions on multiple matters.

Civil Litigation
United States v. US Airways Group, Inc. and AMR Corporation. Represented US Airways in the settlement of the suit brought by the U.S. Department of Justice and seven state attorneys general under antitrust laws to block the company's high-profile merger with American Airlines.
United States v. Microsoft Corp. Led the team for Microsoft that settled the landmark antitrust suit brought by the U.S. Department of Justice and twenty state attorneys general under alleging antitrust violations under Sections 1 and 2 of the Sherman Act.
•The Royal Bank of Scotland in In re Credit Default Swaps Antitrust Litig., MDL No. 2476M, defending the bank against class allegations under Sections 1 and 2 of the Sherman Act.
•AK Steel Holding Corporation in an antitrust class action litigation alleging an industry-wide conspiracy to restrict the output of steel.
•The Fair Isaac Corporation as lead antitrust counsel in an action in the U.S. District Court for the District of Minnesota against the three national credit bureaus, Equifax, Experian, and Trans Union, and their joint venture VantageScore.
•Financial Security Assurance, Inc. and Financial Security Assurance Holdings, Ltd. in multidistrict class action litigation alleging antitrust violations in the municipal derivatives industry.
•Morgan Stanley in antitrust class action relating to auction rate securities.
•US Airways in a federal civil antitrust lawsuit against Sabre Holdings Corp., to halt anticompetitive and anti-consumer practices, including engaging in a pattern of exclusionary conduct to shut out competition, protect its monopoly pricing power, and maintain its technologically-obsolete business model.
•Argued before the U.S. Supreme Court on behalf of United States Department of Justice, as amicus curiae, in Matsushita Electric Industrial Co., Ltd. v. Zenith Radio Corp., 475 U.S. 574 (1986).

Grand Jury Investigations
•Currently representing a European financial institution with subsidiaries in the United States that are under investigation by the Antitrust Division and several State Attorneys General for alleged bid-rigging and market allocation in financial markets related to municipal guaranteed investment contracts.
•Currently representing major corporations or senior executives in six other antitrust grand jury investigations, including Libor.
•Represented a major national air carrier implicated in DOJ's air cargo investigation; carrier was not indicted and did not plead.
•Defended a major petro-chemical corporation in connection with alleged price-fixing in the chemical industry. Although other competitors were forced to plead guilty, our client was not and its identity was never disclosed.
•Represented a major logistics company in a bid-rigging investigation. Negotiated a conditional plea agreement without any executives being charged.
•Represented the only major multinational corporation involved in the DOJ's investigation of the marine hose industry that was not indicted and did not plead to any violation.

Newsletter

Quorum

• Quorum: March 2014

 
ISLN901937535
 

Documents by this lawyer on Martindale.com

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US DOJ’s First Successful Extradition Based on Antitrust Charges
Joseph J. Bial,Alec J. Burnside,Samer B. Korkor,Anthony V. Nanni,Charles F. (Rick) Rule, April 21, 2014
On Friday, April 4, 2014, the United States Department of Justice Antitrust Division (“DOJ”) announced that, for the first time ever, the DOJ successfully extradited “an alleged price-fixer” on an antitrust charge. Romano Pisciotti, a 62 year old Italian national traveling...

FTC Continues Aggressive Posture on Reverse Payment Settlement Agreements with Reference to Disgorgement
Andrew J. Forman,Daniel J. Howley,Jessica Michaels,Charles F. (Rick) Rule, April 20, 2014
In two recent statements, the FTC reaffirmed its intention aggressively to pursue reverse-payment patent settlement agreements in the pharmaceutical industry.

Takeaways from Government Victories in Recent Antitrust Merger Trials
Andrew J. Forman,Daniel Howley,Jonathan S. Kanter,Charles F. Rule,Eric Sega, February 10, 2014
Recent government victories in the antitrust challenges to the consummated mergers of Bazaarvoice/PowerReviews and St. Luke’s/Saltzer are the latest in a string of trial successes by the Department of Justice (“DOJ”) and the Federal Trade Commission (“FTC”),...



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Office Information

Charles F. (Rick) Rule

700 Sixth Street, N.W.
WashingtonDC 20001




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