Justices Mull Jurisdiction In IPO Case

Law360, New York (March 23, 2007, 12:00 AM EDT) -- Justices seemed skeptical about allowing plaintiffs to bring antitrust allegations against the securities industry in federal court, but the Supreme Court gave little indication Tuesday as to where it will set the boundaries of U.S. Securities and Exchange Commission’s jurisdiction.

The case, Credit Suisse First Boston v. Glen Billing, pits 16 of Wall Street's largest firms against plaintiffs who sued them for of manipulating the aftermarket prices of stocks sold in initial public offerings. The banks claim that the case falls under the jurisdiction of the...
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