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Antitrust Class Actions in the Wake of Procedural Reform

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What is the current vitality of antitrust enforcement? Antitrust class actions—the primary mode of competition oversight—has weathered two decades of procedural reform. This Article documents the effects of those reforms. Relying on an original dataset of over 1300 antitrust class action settlements, this Article finds such cases alive but far from well. Certain suits do succeed on an impressive scale, returning billions of dollars to victims. But class action reform has made antitrust enforcement narrower, more time-consuming, and costlier than only a decade ago. And, as this Article’s sources reveal, new battle lines are forming. Across the political spectrum, people are trumpeting antitrust as the next great hope to resolve trade issues, equalize wealth inequity, and reform Big Tech. Even amid these rising calls, class action opponents continue to campaign for more reform. This Article describes those efforts and provides the essential data to repel them.