Howard H. Chang

Principal, Chicago

(312) 470-6516


Antitrust and Competition Policy; Financial Regulation

MA in Economics from Yale University; BA degrees in Economics and Mathematics from Yale University

Howard Chang, Principal at Global Economics Group LLC, specializes in antitrust issues. He has directed and managed economic research in a number of major antitrust matters, including cases involving allegations of monopolization, exclusionary practices, vertical restraints, and price fixing. Mr. Chang has worked on mergers and acquisitions covering a wide range of industries, including a variety of consumer product, pharmaceutical, online and high-technology industries. His recent experience includes work on a merger cleared under the 2010 US Horizontal Merger Guidelines following a second request.

In addition to his antitrust experience, Mr. Chang has worked on a variety of litigation matters involving commercial litigation, damages and intellectual property. He has significant experience with regulatory issues in financial markets. Mr. Chang also has expertise in the payment card industry, in the financial sector, and in online and high technology industries including search advertising, display advertising, online media, and computer software. Mr. Chang has served as an economic expert in a case in the ATM industry and has submitted written expert filings in number of antitrust investigations.

Mr. Chang received his MA degree in Economics from Yale University, as well as his BA degrees in Economics and Mathematics, magna cum laude. Mr. Chang has completed coursework toward a PhD in Economics and taught classes in intermediate microeconomic theory at Harvard University.




• Monster’s acquisition of Yahoo! HotJobs before the Federal Trade Commission.

Coca-Cola’s acquisition of Coca-Cola Enterprises before the Federal Trade Commission.

• Plaintiff class action litigation concerning price fixing of ATM interchange fees on behalf of Bank of America, JPMorgan Chase, Citibank, Concord EFS, SunTrust Banks, Wachovia Corporation and Wells Fargo & Co.

• E.C. v Microsoft on tying of Internet Explorer to Windows on behalf of Microsoft.

TomTom’s acquisition of Tele Atlas before the Federal Trade Commission and European Commission.

• Investigation against toy manufacturers regarding resale at a loss pricing issues before Le Conseil de la Concurrence on behalf of Mattel France.

• U.S. v Visa et al. on exclusivity and overlapping governance rules on behalf of Visa U.S.A. and Visa International.

IP Litigation

• Debit card regulatory proceedings before the Federal Reserve Board on behalf of various financial institutions

• Regulation of the OTC commodity derivatives for the Government of Singapore.

Securities Litigation

• The Economics of Market Coordination for the Check-Clearing System in the Late 19th Century United States, (With Daniel D. Garcia Swartz and David S. Evans) Explorations in Economic History, Vol. 45: 445-461, May 2008.

Has the Pendulum Swung Too Far, (With David S. Evans) Regulation, Winter 2008. 

• The Effect of Regulatory Intervention in Two-Sided Markets: An Assessment of Interchange-Fee Capping in Australia, (With David S. Evans and Daniel Garcia Swartz) Review of Network Economics, Vol. 4, Issue 4, December 2005.

Payment Card Industry Primer, The Payment Card Economics Review, Winter 2004, Vol. 2.

• Interchange Fees in the Courts and Regulatory Authorities, The Payment Card Economics Review, Winter 2003, Vol. 1.

Our experts have worked on some of the most significant legal and regulatory matters of the last quarter-century.