Karen Ruback


São Paulo

+55 (11) 3371 5050

Portuguese and English

Academic Background

Ph.D. in Commercial Law (focus on Antitrust/Competition Law) from the University of São Paulo - USP. Visiting researcher at Max Planck Institute for Comparative and International Private Law, Hamburg, Germany. Master of Economic Law from Federal University of Minas Gerais - UFMG. Bachelor of Law from Milton Campos Law School.


Karen advises clients on a full range of antitrust/competition issues, in both contentious and non-contentious matters. She has a particularly successful track record representing clients in cartel investigations and merger control cases, both in complex and simple matters. Karen’s experience spans from strategic assessment and crafting claims and defenses, to settlement evaluation and negotiation of agreements with antitrust authorities. The clients taken care of by her include a number of the largest companies in diverse industries, ranging from auto parts, beverage packaging, chemicals, electronics, maritime freight transportation, to nutrition products. Author of articles related to economic and competition law. Speaker at national and international events.


"Da definição de efeitos para fins de aplicação da Lei Concorrencial brasileira a cartéis internacionais", In: Leonor Cordovil, Daniel Athias. (Org.) Direito Concorrencial em Transformação: uma Homenagem a Mauro Grinberg. 1ª ed. São Paulo: Singular, 2020.
Co-author of a chapter in “Private Antitrust Litigation Brazil", 2nd Edition, Practical Law Global Guides. Thomson Reuters, 2019.
“Da comprovação de culpa para responsabilização de administrador por infração à ordem econômica”, Revista do IBRAC, vol. 24, 2013.
“Identificação de infração à ordem econômica e do recurso de ofício ao Cade - Jurisprudência comentada”, Revista do IBRAC, vol. 20, 2011.
“Acordo para troca de informações: o caso UK Agricultural Tractor Registration Exchange”, in “O Cartel”, coordinated by João Bosco Leopoldino da Fonseca, Mandamentos, Belo Horizonte, 2007.
“Discriminação de preços”, in “Temas de Direito da Concorrência”, coordinated by João Bosco Leopoldino da Fonseca, Belo Horizonte, 2005.


“Cartel investigations and follow-on litigation – Protections afforded to information obtained during the investigation: confidentiality, privilege and disclosure”, speech at the 24th Annual Competition Conference, International Bar Association - IBA, 2020.
"Due process in competition proceedings: evolving standards”, speech at the “International Bar Association - IBA Annual Conference”, Seoul, South Korea, 2019.
Moderator of the panel “Sharing of information and evidence, and the incentives to file antitrust damage actions”, at the 25th International Seminar on Competition Policy of IBRAC, Campinas, Brazil, 2019.
“Managing competition law and related regulatory risk in LATAM - tips, tricks and trends to watch out for”, speech at the event “Doing business in LATAM 2020: Getting to a legal state of bliss” – AIJA Half Year Conference”, Miami, United States, 2019.
“Antitrust Enforcement in Innovation Markets – Too much or too little?”, speech at the Conference “R&D and Innovation - Protection through or despite Antitrust Law?”, Frankfurt, Germany, 2018.
Work coordinator of the scientific programme of International Association of Young Lawyers - AIJA’s Annual Conference in Brussels, Belgium, 2018.
“Da definição de efeitos para fins de aplicação da lei concorrencial brasileira a cartéis internacionais”. Moderator and proponent of the panel at the 24th International Seminar on Competition Policy of IBRAC, Campos do Jordão, Brazil, 2018.
“A Fistful of Datas – Due process in dynamic merger control procedures”, speech at the Conference “Competition Law Procedures - The Ultimate Guidance Through Stormy Waters”, Amsterdam, Netherlands, 2017.
Moderator in the panel “Reparação de danos concorrenciais” (“Damage actions related to antitrust matters”) at the Annual Conference of CECORE, Bar Association of the State of Sao Paulo, 2017.

Positions Held

Vice-President of the Antitrust Comission at AIJA - International Association of Young Lawyers.
Co-coordinator of the scientific program of AIJA - International Association of Young Lawyers' Annual Conference, Brussels, Belgium, August 2018.
AIJA - International Association of Young Lawyers’ National Representative for Brazil, for the period 2019 to 2022.
Visiting professor at Getúlio Vargas Foundation - FGV (GVLaw)’s postgraduate courses in Economic Law and Antitrust Law.
Scholarship from CAPES – Coordenação de Aperfeiçoamento de Pessoal de Nível Superior, in connection with the Masters’ Degree from Federal University of Minas Gerais - UFMG.
Participant in the internship program organized by the Administrative Council for Economic Defense - CADE in 2003.
Researcher and member of Brazilian Foundation of Economic Law – FBDE in 2001-2004.


Indication by “The Legal 500”, Competition/Antitrust – Brazil in 2018, as a “truly exceptional lawyer”, and named Next Generation Antitrust Lawyer in its two last editions.
Acknowledged as Acritas Star - Independently Rated Lawyer in its two last editions. The acknowledgment is based on a survey developed by Acritas (Sharplegal) involving circa 4.000 senior in-house counsel worldwide.
Indicated by “Análise Advocacia 500” as one of the most admired lawyers in Brazil in competition law in 2018 and 2019.

Other Activities

Member of the American Bar Association - ABA.
Member of the International Association of Young Lawyers - AIJA.
Member of the International Bar Association – IBA, and of it’s Antitrust Litigation Working Group.
Member of the Brazilian Bar Association - OAB's Commission of Competition and Economic Regulation Studies - CECORE.
Member of the Committee of Economic Litigation at the Brazilian Institute for Antitrust, Consumer and International Trade Studies - IBRAC.