N.Y. Weighs In With High Court On IPO Class Action

Law360 (February 28, 2007, 12:00 AM EST) -- The state of New York has filed an amicus brief with the U.S. Supreme Court, hoping to prevent investment firms from receiving antitrust immunity in a class action against 16 financial companies over the underwriting of initial public offerings.

The brief puts New York at odds with the Department of Justice, the Federal Trade Commission and the Securities and Exchange Commission, which have filed an amicus brief in favor of giving investment firms some antitrust immunity when collaborating to underwrite an initial public offering.

In the...
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