Since 1914, Section 8 of the Clayton Act has prohibited the same individual (or, arguably, agents of the same company) from serving as officers of or directors on the boards of competing companies, unless such a director or officer “interlock” qualifies for an exemption. The prohibition has evolved over time through amendments and court rulings. But, until recently, the antitrust agencies had seldom acted against such interlocks.
December 5, 2023
