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Clifford Chance

Clifford Chance


Court of Appeals Releases Omnicare Decision Upholding Pre-Transaction Information Exchange

12 January 2011

The U.S. Court of Appeals for the Seventh Circuit has become the first Court of Appeals to address information exchanges in the pre-transaction context. In the long-awaited Omnicare, Inc. v. UnitedHealth Group, Inc., the Seventh Circuit examined, among other topics, whether the pre-closing exchange of certain pricing information between competitors UnitedHealth Group and PacifiCare Health Systems was legal under Section 1 of the Sherman Act. The Court held it was.

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