Washington, D.C. — Following news that the Department of Justice Antitrust Division has filed a lawsuit against private equity firm KKR for its serial violations of the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (HSR Act), attempting to evade antitrust scrutiny for at least 16 separate transactions, the American Economic Liberties Project released the following statement.

“KKR’s blatant manipulation of documents to evade antitrust scrutiny demonstrates a deep-seated culture of lawlessness in one of the most powerful private equity firms in the world,” said Nidhi Hegde, Executive Director of the American Economic Liberties Project. “As the complaint highlights, KKR executives instructed employees to ‘revise for HSR purposes’ and deleted pages of critical competitive analysis before certifying compliance. This systematic disregard for legal requirements has allowed KKR to skirt oversight while consolidating market power across the economy at the public’s expense. The Antitrust Division’s action sends a clear message: no corporation, no matter how wealthy or well-connected, is above the law.”

“Now, KKR is doubling down on its behavior by launching a baseless lawsuit against DOJ Antitrust Division leadership in a transparent attempt to intimidate regulators and obstruct justice,” Hegde added. “These tactics are part of a broader pattern among corporate giants and their high-powered legal teams to evade accountability and undermine government efforts to enforce the law.”

The Department of Justice’s complaint against KKR alleges that the private equity giant, which manages over $550 billion in assets, systematically violated the Hart-Scott-Rodino (HSR) Act by failing to file accurate and complete premerger documents for at least 16 transactions across industries such as healthcare, labor analytics, aviation services, and music rights. The complaint details how KKR executives deliberately falsified documents, including deleting 40 out of 48 pages of competitive analysis for one acquisition, and advised employees to “revise for HSR purposes.” In one instance, an executive expressed their approach to withholding information with the mantra, “less is more,” while another assured a subordinate, “I believe in less is more too.” These actions allowed KKR to avoid government scrutiny while consolidating market power in key sectors. The DOJ seeks to hold KKR accountable for undermining the integrity of the premerger review process and circumventing critical antitrust enforcement measures.

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The American Economic Liberties Project works to ensure America’s system of commerce is structured to advance, rather than undermine, economic liberty, fair commerce, and a secure, inclusive democracy. Economic Liberties believes true economic liberty means entrepreneurs and businesses large and small succeed on the merits of their ideas and hard work; commerce empowers consumers, workers, farmers, and engineers instead of subjecting them to discrimination and abuse from financiers and monopolists; foreign trade arrangements support domestic security and democracy; and wealth is broadly distributed to support equitable political power.