Q: What are some of the department’s most satisfying successes of the past year and why?

Cravath has been fortunate to share a number of successes with our clients over the past year. For American Express, we won before the U.S. Supreme Court in a lawsuit originally brought by the DOJ and 17 state attorneys general challenging certain provisions in AmEx’s merchant agreements. The ruling defines how antitrust law will be applied to two-sided markets, which are increasingly prevalent in today’s business environment, and confirms a momentous Second Circuit victory on the long road Cravath traveled with AmEx in defense of the company’s business model.