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Louis Dreyfus Company and Imperial Sugar Company Win Appellate Victory Over DOJ

July 14, 2023

On July 13, 2023, a three judge panel for the U.S. Court of Appeals for the Third Circuit ruled in favor of Cravath clients Louis Dreyfus Company LLC (“LDC”) and Imperial Sugar Company (“Imperial Sugar”) and unanimously affirmed an earlier decision by the U.S. District Court for the District of Delaware denying U.S. Department of Justice’s (“DOJ”) request for an injunction to block LDC’s sale of the assets and business of Imperial Sugar to U.S. Sugar.

In the suit, DOJ had alleged that the transaction, announced in March 2021, would substantially reduce competition in an alleged “Southeast” region of the United States. In response, Cravath argued, among other points, that DOJ’s theory of the case ignored the commercial realities of Imperial Sugar’s business and those of the sugar industry more broadly. In particular, Cravath argued that Imperial Sugar’s position in the market as a high‑cost, import‑based manufacturer rendered implausible DOJ’s theory that Imperial Sugar acts as a competitive constraint in the market. Cravath further argued that DOJ’s proposed geographic markets did not comport with the way Imperial Sugar views or conducts its business and oversimplified the complexities of the overall market.

On September 23, 2022, following a four‑day bench trial conducted in April 2022, the U.S. District Court for the District of Delaware denied DOJ’s request for an injunction blocking the transaction.

In July 2023, the Third Circuit affirmed the lower court’s determination that DOJ had failed to prove that the acquisition of Imperial Sugar would substantially lessen competition. Specifically, the Third Circuit affirmed the District Court’s finding that DOJ failed to identify the relevant product and geographic markets and thus failed to establish its prima facie case under Section 7 of the Clayton Act, 15 U.S.C. § 18.

The Cravath team is led by partners Christine A. Varney, Timothy G. Cameron, Peter T. Barbur, David R. Marriott and Michael J. Zaken, practice area attorney Lindsay J. Timlin and associates Serena Candelaria, Perry J. Goffner and Elizabeth H. Shereff.

The case is United States of America v. U.S. Sugar Corp., No. 22‑2806 (3d Cir.).

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  • Litigation
  • Antitrust
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Christine A. Varney
Title
Litigation
Title
Partner
Email
cvarney@cravath.com
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+1-212-474-1140
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    Education

    • J.D., 1986, Georgetown University Law Center
    • M.P.A., 1982, Syracuse University
    • B.A., 1977, State University of New York, Albany

    Admitted In

    • New York
    • District of Columbia
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    Name
    Timothy G. Cameron
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    Litigation
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    Partner
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    tcameron@cravath.com
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    +1-212-474-1120
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      Education

      • LL.M., 1998, University of Chicago Law School
      • M.ComLaw, 1997, Auckland University - Faculty of Law
        First Class Honors
      • LL.B., 1994, Auckland University - Faculty of Law
      • B.Com., 1994, Auckland University - Faculty of Law

      Admitted In

      • New York
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      Name
      Peter T. Barbur
      Title
      Litigation
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      Partner
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      pbarbur@cravath.com
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      +1-212-474-1058
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        Education

        • J.D., 1987, New York University School of Law
          Order of the Coif, Root-Tilden Scholar, cum laude
        • B.A., 1983, Dartmouth College
          Phi Beta Kappa, magna cum laude

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        • New York
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        David R. Marriott
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        Litigation
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        Partner
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        dmarriott@cravath.com
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        +1-212-474-1430
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          Education

          • J.D., 1994, New York University School of Law
          • B.A., 1991, Brigham Young University
            magna cum laude

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          • New York
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          Name
          Michael J. Zaken
          Title
          Litigation
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          Partner
          Email
          mzaken@cravath.com
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          +1-212-474-1888
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            Education

            • J.D., 2014, Columbia Law School
              James Kent Scholar, Harlan Fiske Stone Scholar
            • B.A., 2011, Columbia College
              cum laude

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            • New York
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            Name
            Lindsay J. Timlin
            Title
            Litigation
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            Practice Area Attorney
            Email
            ltimlin@cravath.com
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            +1-212-474-1281
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              Education

              • J.D., 2009, Columbia Law School
                Harlan Fiske Stone Scholar
              • B.A., 2004, University of Virginia

              Admitted In

              • New York

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              Deals & Cases

              September 23, 2022

              Louis Dreyfus Company and Imperial Sugar Company Secure Major Antitrust Victory Over DOJ

              On September 23, 2022, the U.S. District Court for the District of Delaware denied the U.S. Department of Justice’s request for an injunction blocking Louis Dreyfus Company LLC’s (“LDC”) sale of the assets and business of its subsidiary Imperial Sugar Company (“Imperial Sugar”) to U.S. Sugar. The District of Delaware’s decision in favor of the Defendants followed a four day trial in April 2022 and post-trial briefing submitted in May 2022.

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