The Second Circuit recently rejected two attempts by plaintiffs to challenge, under Section 1 of the Sherman Act, conduct already subject to scrutiny by the Securities and Exchange Commission. Both decisions hold that conduct is impliedly immune from the antitrust laws if Congress has given the Commission jurisdiction to permit or prohibit the challenged conduct, and the Commission has exercised that jurisdiction. The impact of these decisions, however, is not limited to securities, but extends to other highly regulated industries. Friedman v. Salomon Smith Barney, 313 F.3d 796 (2d Cir. 2002),
The US Court of Appeals for the Second Circuit issues a decision that limits the application of antitrust laws in securities (Friedman / Salomon Smith Barney)
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