The US Supreme Court rules that federal and state antitrust claims related to certain IPOs are preempted by federal securities laws (Credit Suisse Securities / Billing)

In a decision announced earlier today, the United States Supreme Court held that federal securities laws implicitly preclude the application of antitrust laws to claims filed against ten leading investment banks over alleged conduct on initial public offerings during the technology boom of the late 1990s. In its 7-1 opinion in Credit Suisse Securities (USA) LLC v. Billing, No. 05-1157 (June 18, 2007), the Court reversed a decision by the Second Circuit Court of Appeals that allowed claims to proceed against investment banks accused of illegally pumping up prices and profit margins on IPOs. Background In 2002, investors filed antitrust class-action lawsuits against ten leading investment

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Authors

  • Winston & Strawn (New York)
  • Haug Partners (New York)
  • Winston & Strawn (New York)
  • Robins Kaplan (New York)

Quotation

Jeffrey L. Kessler, John F. Collins, A. Paul Victor, Eamon O'Kelly, The US Supreme Court rules that federal and state antitrust claims related to certain IPOs are preempted by federal securities laws (Credit Suisse Securities / Billing), 18 June 2007, e-Competitions June 2007, Art. N° 37349

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