LLoyd Constantine

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Lloyd Constantine

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Lloyd Constantine is the Founder and a partner at Constantine Cannon (C|C), specializing in antitrust litigation. Lloyd founded the firm, originally called Constantine & Partners in 1994, and was its Chairman and Managing Partner from inception until 2007, when he left C|C for a two-year stint chairing the gubernatorial transition and then serving as the Senior Policy Advisor for New York’s governor.

Lloyd is one of the nation’s leading antitrust litigators and authorities on competition policy. He was lead counsel for the plaintiffs in the landmark Visa Check/MasterMoney Antitrust Litigation, which resulted in a $3.4 billion monetary payment and an injunction valued at upwards of $87 billion in benefit for U.S. merchants and consumers, which the district and circuit courts stated was [and is] the largest antitrust settlement in United States history.

Lloyd has litigated at all levels of the federal and state courts, including oral argument before the United States Supreme Court. He has been lead or co-lead counsel in many complex private antitrust and multiple state actions, including the Panasonic Antitrust Litigation (49 States); Liberty Cable v. Time Warner; the Minolta Antitrust Litigation (37 States); Kesmai v. AOL; States v. Visa and MasterCard (15 states); States v. Mitsubishi (50 States); Primestar I (44 States); Discover v. Visa and MasterCard; and Ortho Biotech v. Amgen.

Lloyd has testified many times before Congress on antitrust, international trade and nominations to the United States Supreme Court. He has served as an expert on U.S. competition law and economics in Australian and Canadian antitrust cases and as consultant on antitrust law to a federal district court in Hatch-Waxman “reverse-payment” antitrust litigation.

In 2007-2008, Lloyd was the Senior Policy Advisor to the Governor of New York. He directed the administration’s initiatives in the areas of Higher Education, Local Government Consolidation, Public Authority Reform and legal representation for low-income New Yorkers. He also served on New York’s Executive Clemency Committee.

During his tenure as the Assistant Attorney General in Charge of Antitrust for New York State (1980-1991), Lloyd served as Chair of the Antitrust Task Force of the National Association of Attorneys General (1985-1989) and authored NAAG’s “Merger Guidelines,” and “Vertical Restraints Guidelines” adopted by the attorneys general of all 50 states, D.C. and several territories. He was lead counsel in numerous multi-state antitrust cases, including the only one in U.S. history where all 50 U.S. states, D.C. (and several territories) brought suit in a single action (successfully), States v. Mitsubishi (1991). He was the States’ first representative on the FTC-DOJ-States Executive Working Group for Antitrust. For this work, establishing the modern regime of multi-state antitrust enforcement, Lloyd was honored with the American Antitrust Institute’s Career Achievement Award in 2004.

Lloyd spent the first decade of his career in the Legal Services program, representing clients in civil rights and civil liberties cases.

Lloyd was a member of McDermott, Will & Emery from 1991 to 1994 prior to founding Constantine & Partners (now C|C) in 1994.

Lloyd taught Antitrust Law at Fordham University School of Law for seven years and taught Constitutional Law and First Amendment Law and Policy at SUNY New Paltz and Williams College in the period 2016-2019.

Lloyd served on the boards of the U.S. Department of Energy’s Brookhaven National Laboratory and the Jacob K. Javits (New York State) Convention Center. He was a Council Member of the ABA Section of Antitrust Law and Chair of its Sherman Act Section 2 Committee (monopolization) and served as Chair of the New York State Bar Association Antitrust Law Section. He also served on the advisory boards of BNA Antitrust and Trade Regulation Report and the Institute for Consumer Antitrust Studies. Lloyd also served on the boards of the Tanenbaum Center for Interreligious Understanding and the Children for Children Foundation. He currently serves on the advisory board of the American Antitrust Institute.

Lloyd has lectured and written about government transition and chaired the transitions of a New York attorney general and a governor.

As a writer, Lloyd has contributed to numerous newspapers and publications and is a regular contributor of legal, political and social commentary to Hearst’s Albany Times Union. He is the author of two books: PRICELESS: The Case That Brought Down The Visa/MasterCard Bank Cartel (Kaplan, 2009; Skyhorse, 2012), and JOURNAL OF THE PLAGUE YEAR: Eliot Spitzer’s Short And Tragic Reign (Kaplan, 2010; Skyhorse, 2012). Lloyd’s newsletter/blog “Hopelessly Liberal” features Lloyd’s legal, political and social commentary and is available at www.hopelesslyliberal.com

Lloyd received his B.A. from Williams College, his J.D. from Columbia Law, did doctoral work in Political Science at Columbia, (without degree) and was an exchange student at Howard University while matriculated at Williams.

Lloyd is married to Jan Friedman Constantine, a nationally recognized expert on copyright and first amendment law, a member of Constantine Cannon and an accomplished cabaret and choral performer. They have three children – Isaac, a writer of literary fiction (Jeremiah’s Ghost, MP Publishing, 2015); Sarah, a Ph.D. clinical psychologist; and Elizabeth, a television producer (House Hunters International, The Gale King Show, and The Colbert Report).

Publications | Testimony | Speeches & Lectures | Honors & Awards

Many of Lloyd’s legal and political commentaries are archived at his author’s website, www.hopelesslyliberal.com.


PRICELESS: The Case That Brought Down The Visa/MasterCard Bank Cartel, Kaplan Publishing, 2009, Revised Edition, Skyhorse Publishing (2012)

JOURNAL OF THE PLAGUE YEAR: An Insider’s Chronicle Of Eliot Spitzer’s Short And Tragic Reign, Kaplan Publishing, 2010, Skyhorse Publishing (2012)


Other Publications

All of Lloyd’s legal and political commentaries for Hearst’s Albany Times Union are archived at https://hopelesslyliberal.com/op-ed/

All of Lloyd’s “The Weekender” social commentaries for The Chatham Courier are archived at https://hopelesslyliberal.com/op-ed/

“Being Jewish at Williams: Not a Big Deal Until It Was” Essay in “Jews at Williams: Inclusion, Exclusion, and Class at a New England Liberal Arts College” Benjamin Wurgaft, University Press of New England (2013)

 Charging for Debit Cards Is Robbery, New York Times, October 7, 2011, op-ed, p. A27.

 Law Schools Add to State Learning Options, Albany Times Union, August 8, 2008, op-ed.

 Reconnecting Local Government with the People, The Nelson A. Rockefeller Institute of Government (Nov. 2007).

 Lloyd Constantine, Jeffrey I. Shinder & Kerin E. Coughlin, In re Visa Check/MasterMoney Antitrust Litigation: A Study of Market Failure in a Two-Sided Market, 2005 Colum. Bus. L. Rev. (Jan. 2006).

 Lloyd Constantine, Gordon Schnell, Reiko Cyr & Michelle A. Peters, The Visa Check/MasterMoney Antitrust Litigation: an Early Report on the Comparative Efficacy of Antitrust and Federal Reserve Intervention to Repair the Failed United States’ Debit Card Market, N.Y.U.J.L. & Bus. (Fall 2005).

 State Antitrust Law, 52-2d C.P.S (BNA 2003) (Chen, Mahoney & Constantine).

 Tunney Act Complicates Government Decision to Litigate Big Structural Antitrust Cases, Trade Rep. (CCH) No. 361 (Constantine & Shinder), Part 2 (March 28, 1995) Reporter No. 361 (Constantine & Shinder).

 The Cutting Edge of Antitrust:  Market Power an Introduction, 60 Antitrust L.J. 799 (1992).

 The Mission and Agenda for State Antitrust Enforcement, 36 Antitrust Bulletin 835 (1991).

 The Future of Governmental Enforcement of Section 2 of The Sherman Act, 59 Antitrust, L.J. 523, 553 (1991).

 How Non-Banks Can Undo Duality, Credit Card Management, March 1991.

 Antitrust Law Journal, Vol. 58 #2: “Challenges to the Chicago School Approach.”

 Antitrust Federalism, 29 Washburn L.J. 163 (1990).

 An Antitrust Enforcer Confronts The New Economics, 58 Antitrust L.J. 661 (1989) reprinted in Collaborations Among Competitors: Antitrust Policy and Economics [p. 135] (Eleanor M. Fox and James T. Halverson, Eds. 1991).

 Should The States Enforce National Mergers?: Point/Counterpoint: Antitrust, Spring 1989 p. 37.

 Current Antitrust Enforcement Initiatives by State Attorneys General, 56 Antitrust L.J. 99 (1987); reprinted in 18 J. Reprints Antitrust L & Econ. No. 2 at 69 (1988).

 The Antitrust Enforcement Agenda For The New Administration: The State Perspective, in Antitrust And a New Administration: Pressures For New Perspectives, P. 1 (MCLE, Inc. 1988).

 Point/Counterpoint: Limits on Merger Mania, The Denver Post, April 6, 1987 at page 2B, col. 3.

 An Inside Look at Current Trends in State Antitrust Enforcement, Antitrust, Winter 1987, P. 9 (Cover Story).

 Constantine and Pfeffer, What The General Practitioner Should Know About Federal and

State Antitrust And Trade Regulation, in Corporate Counseling 549 (R. Merritt and C. Ennico ed. 1988).

 Antitrust Enforcement Today and In The Nineties, 18 J. Reprints Antitrust L & Econ. No. 2 at 39 (1988).

 Vertical Restraints Guidelines of the National Association of Attorneys General [1985] (principal author) 49 Antitrust & Trade Reg. Rep. (BNA) No. 1234, at 996 (Dec. 5); 4 Trade Reg. Rep. (CCH) ¶ 13,400 (13th ed. 1988); 16 L. Business Organizations, Von Kalinowski Antitrust Laws and Trade Regulation § 132.01, app. 132A (1988).

 Horizontal Merger Guidelines of the National Association of Attorneys General, [1987] (principal author) 50 Antitrust & Trade Reg. Rep. (BNA) No. 1306 at S-2 (March 10, Special Supp.); 4 Trade Reg. Rep. (CCH) ¶ 13,405 (13th ed., 1988); 16 L Business Organizations, Von Kalinowski Antitrust Laws and Trade Regulation § 132.01, app. 132B (1988).