Brooklyn-born plaintiffs' attorney Michael Hausfeld is a betting man. He's banking that the legal environment overseas is ripe for private antitrust litigation. That's why in March, his firm--Cohen, Milstein, Hausfeld & Toll--opened an office in London, making it the first U.S. plaintiffs' firm to set up shop in Europe.
"There's been an increase in the number of antitrust actions being brought in Europe and an increased number of companies being fined for antitrust activity," he says.
"Establishing a specialist court certainly is a sign that you've got a culture of endorsement for private antitrust litigation," Farrell says.
In addition, Hausfeld's firm and other innovative litigation businesses (see "Contingency Conundrum") are signs that the environment is in the midst of transformation.
"You're going to see something approaching an active private enforement community, one where there are large individual companies, groups of companies and maybe even classes of both companies and consumers seeking recoveries," Hausfeld says.