Leo Caseria

Co-Leader, Antitrust and Competition Practice Group
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Leo Caseria

Overview

Leo Caseria defends companies in complex antitrust litigation. The co-leader of the Antitrust and Competition practice group, he also helps businesses navigate through antitrust and Hart-Scott-Rodino (HSR) issues in mergers and acquisitions. 

Representing clients nationwide from the Washington, D.C. and Los Angeles offices, Leo has led the defense of antitrust litigation involving alleged conspiracies and monopolization, through motions practice and trial. He has also led and supervised everything from HSR filing through Second Request for merging parties.

Clients value Leo’s practical, creative and cost-effective strategies, as well as his deep knowledge of antitrust issues in the construction materials and multifamily housing industries. 

For construction materials clients—including cement, concrete, asphalt and aggregates companies—Leo has met with and presented to commissioners at the U.S. Federal Trade Commission (FTC) as well as section chiefs at the U.S. Department of Justice (DOJ). He has helped parties close numerous deals including acquisitions of cement plants and terminals, ready-mixed concrete plants, aggregates pits and mines and asphalt plants. He has also represented construction materials clients in price-fixing investigations and cases, and provides antitrust compliance training, advice and counseling. 

For clients in the multifamily housing industry, Leo is at the forefront of emerging antitrust theories involving the use of computer algorithms. He has defended property owners and managers in multiple antitrust matters involving such allegations. 

Leo also frequently represents clients in other industries, including food and beverage, consumer electronics, software and healthcare.  

In addition to serving as co-leader of the firm’s Antitrust and Competition practice group, Leo is co-leader of the Governmental practice. 

Experience

Representative Engagements:

Litigation

  • Defending Realty One Group, Inc. against nationwide antitrust class actions alleging conspiracy to fix buyer broker commissions on residential real estate transactions. 
  • Defending Essex Property Trust (NYSE: ESS) against antitrust claims relating to alleged conspiracy to fix rental rates for multifamily apartment units using an algorithm. 
  • Defending Veris Residential (NYSE: VRE) against antitrust claims brought by New Jersey attorney general relating to alleged conspiracy to fix rental rates for multifamily apartment units using an algorithm. 
  • Defending Boise Mobile Equipment and BME Fire Trucks against antitrust claims brought by the State of California and certain counties alleging conspiracy and attempted monopolization relating to fire truck production.
  • Defending honey importer Export Packers Company against an antitrust and RICO class action brought by U.S. domestic beekeepers, relating to an alleged conspiracy to sell foreign fake honey. All claims dismissed. Ninth Circuit appeal pending.
  • Defending Hartford HealthCare Corporation against antitrust class actions based on alleged payor contracting practices.
  • Defended Hartford HealthCare Corporation against monopolization claims brought by competitor Saint Francis Hospital and Medical Center.
  • Defended Cyient, Inc. against antitrust claims brought by a putative class of aerospace engineers alleging a “no-poach” conspiracy between employers not to hire from each other. 
  • Defended The Reynolds and Reynolds Company against state and federal antitrust claims relating to data management system access. Monopolization and attempted monopolization claims dismissed at pleading stage. 
  • Co-lead trial counsel for defendants in two-month antitrust trial in 2019 before Judge Edward Davila relating to alleged price-fixing and market allocation of telescopes. Successfully obtained summary judgment on below-cost pricing and refusal to deal issues prior to trial.

Merger Review

  • 2026: Represented Kering Beauté, including the House of Creed, in its acquisition by L’Oréal for $4.6 billion.
  • 2026: Represented Compass, Inc. (NYSE: COMP) in its $1.6 billion acquisition of Anywhere Real Estate Inc. (NYSE: HOUS).
  • 2025: Represented CRH (NYSE: CRH) in connection with its $2.1 billion acquisition of Eco Materials, a provider of supplementary cementitious materials.
  • 2025: Represented Knife River (NYSE: KNF) in connection with its $454 million acquisition of Strata Corp, a producer of ready-mixed concrete and aggregates.
  • 2025: Represented CalPortland Company in connection its $160 million acquisition of Grimes Rock, a producer of ready-mixed concrete and aggregates.
  • 2024: Represented Chaney Enterprises, Inc. in connection with its acquisition of Chandler Concrete, a producer of ready-mixed concrete and aggregates.
  • 2015-2023: Represented CalPortland Company in connection with multiple acquisitions involving cement plants, cement terminals, and ready-mix concrete plants, including Second Request response. 

Conduct Investigations

  • 2025: Represented third party multifamily property owner in connection with FTC antitrust investigation
  • 2022: Represented ready-mix concrete producer in connection with confidential investigation relating to alleged antitrust conspiracy.
  • 2022: Represented Smart & Final Stores, LLC and favorably resolved California attorney general investigation relating to alleged price gouging of eggs. People v. Smart & Final Stores, LLC, Case No. 22CIV01378 (Superior Court of the State of California, County of San Mateo). https://www.law360.com/articles/1481365/grocery-chain-pays-175k-in-calif-s-covid-price-gouge-suit
  • 2020-2021: Represented several grocery store chains and favorably resolved confidential investigations by CA, NV, OR, and WA attorneys general, as well as local district attorneys, relating to alleged price gouging of food and grocery items.
Credentials
Education

J.D., Columbia Law School, 2005, Harlan Fiske Stone Scholar

B.A., University of California, Los Angeles, 2002

Admissions

California

District of Columbia

U.S. Court for the Ninth Circuit

U.S. District Court, Central District of California

U.S. District Court, Eastern District of California

U.S. District Court, Northern District of California

U.S. District Court, Southern District of California

Honors
  • Competition Future Leader, GCR Who’s Who Legal, 2021-2023
  • Leading Global Antitrust and Competition Lawyer, Lawdragon, 2026
  • Next Generation Partner, Legal 500, 2019-2025
  • Antitrust, Legal 500, 2015, 2017, 2019-2024
  • Southern California Super Lawyer, Super Lawyers, 2021-2023
  • Southern California Rising Star, Super Lawyers, 2018-2020
Legal 500 Next Generation Partner 2024
Legal 500 Next Generation Partner 2025
Legal 500 Recommended Lawyer 2025
Memberships
  • Co-Chair, Books and Treatises Committee, ABA Section of Antitrust Law, 2016-2024
Thought Leadership
  • “Antitrust…Opening the Gates,” National Ready-Mixed Concrete Association’s ConcreteWorks conference, Denver, Colorado, October 1, 2022
  • “Non-Competes and Non-Solicitation Clauses: What You Need to Know,” Association of Corporate Counsel New York chapter Annual Meeting, New York City, New York, September 21, 2022
  • “The Price is Right: Examining Antitrust and Pricing Issues in the Hospitality Industry,” Sheppard Webinar, May 25, 2021
  • "B2B Noncompetes and the Rule of Reason," Los Angeles County Bar Association Webinar, October 8, 2020
  • “Trending Legal Issues in the Retail Industry,” Sheppard Webinar, June 16, 2020
Clients tell Chambers USA that Leo is their preferred antitrust counsel because his knowledge/expertise is “strong” and “tremendous.” 
Chambers USA