Cleary Gottlieb won the dismissal of antitrust claims brought by the Federal Trade Commission against Equitable Resources, Inc. relating to Equitable’s proposed acquisition of The Peoples Natural Gas Company. Arthur Schwab of the United States District Court for the Western District of Pennsylvania granted the motion to dismiss on May 14.
Judge Schwab accepted the defendant’s argument that the proposed transaction is immune from antitrust scrutiny under the state action immunity doctrine because the Pennsylvania Public Utility Commission closely regulates the parties and the proposed transaction.