GCR Antitrust Awards 2025: Analysis Group Case Work and Managing Principal Aaron Yeater Nominated for Multiple Competition Awards

February 6, 2025

Analysis Group is delighted to announce that Managing Principal Aaron Yeater has been selected as a nominee for the Global Competition Review (GCR) 2025 “Economist of the year” award for his work on the high-profile Kroger-Albertsons merger. Additionally, the firm is honored to have provided economic analyses for three matters that have been named to the short list for this year’s antitrust awards.

Congratulations to the Analysis Group affiliates and clients, and to all the nominees for GCR’s 2025 awards, which recognize “creative, strategic and innovative work” by teams of in-house and external lawyers and economists. The following were among the nominees selected for online voting, which is open until February 10:*

“Economist of the year”: Mr. Yeater is an economist with wide-ranging experience analyzing antitrust and competition issues in litigation matters across industries such as digital platforms, high-tech consumer products, retail goods, and financial services. He was recognized for his work on behalf of the Federal Trade Commission (FTC) in its challenge to the merger of the Kroger and Albertsons supermarket chains – one of the year’s most closely watched disputes and an early test of the 2023 Merger Guidelines. Mr. Yeater analyzed cost-saving efficiencies that the companies claimed would result from the merger. In his deposition and trial testimony, he showed that many of the claimed efficiencies were neither verifiable nor merger specific. In granting a preliminary injunction blocking the merger, Judge Adrienne Nelson of the US District Court for the District of Oregon agreed with Mr. Yeater’s application of the new guidelines and noted, with reference to the efficiencies, that “Mr. Yeater’s report raises credible reasons to doubt some of the assumptions underlying the projection methodologies.”

“Behavioural matter of the year – Americas”: In another high-profile litigation matter, the US Department of Justice (DOJ) brought suit against Google for allegedly wielding market power, stifling competition, and charging supracompetitive prices in the market for online advertising. An Analysis Group team led by Managing Principal Chris Borek; Vice Presidents John Browning, Shogo Hamasaki, Ivan Maryanchyk, and Kate Schofield; and Managers Angélique Bernabé, Peter Jones, and Riccardo Marchingiglio is supporting academic affiliate Judith Chevalier of the Yale School of Management in the ongoing matter. Professor Chevalier filed expert reports and testified on Google’s pricing strategy.

“Merger control matter of the year – Americas”: In an energy merger that required approval by multiple agencies, Analysis Group was retained on behalf of Energy Harbor in its $6.3 billion merger with Vistra. The transaction would create the second-largest competitive nuclear fleet in the US, producing enough electricity to power 3.2 million US homes. The proposed retail business would serve about 5 million customers in 18 states. A team led by Principal Eric Korman, Vice Presidents Megan Accordino and Joseph Cavicchi, and Manager Zack Campbell helped Energy Harbor secure approval for the merger from both the DOJ and the Federal Energy Regulatory Commission (FERC). The team evaluated competition issues in the retail and wholesale electric power markets, including conducting FERC delivered price test analyses. They also assisted with the DOJ’s voluntary information request and Second Request. FERC authorized the merger after extending its review amid competition concerns from the DOJ and state consumer advocates.

“Litigation of the year – Non-cartel defence”: GCR also highlighted litigation brought by The Real Estate Exchange (REX) against Zillow, the popular online real estate marketplace. REX alleged that Zillow violated the Sherman Act, the Lanham Act, and the Washington Consumer Protection Act (CPA) when it moved non-multiple listing service offerings from the “Agent Listings” section of its website and app to an “Other Listings” tab. Working on behalf of Zillow, an Analysis Group team led by Managing Principal Adam Decter, Principal Rene Befurt, and Vice Presidents John Browning, Anne Cai, and Kate Schofield supported Professors Steven Tadelis and Tülin Erdem, who between them opined on factors unrelated to Zillow’s actions that caused REX’s demise, the familiarity and visibility of Zillow’s “two-tab toggle listing” display, and the highly complex homebuying process. The defense also analyzed the procompetitive justifications associated with Zillow’s display changes. A judge in the US District Court for the Western District of Washington dismissed the Sherman Act charge before trial; following a seven-day trial, a jury rejected both the Lanham Act and Washington CPA claims, resulting in a total victory for Zillow. 

*Voting is only open to employees of law firms, economic consultancies, government agencies, universities, and competition advocacy organizations, and employees are not allowed to vote for matters in which their organization was involved. Eligible voters may cast online ballots here.