Securities Regulations Immunize IPO Underwriters

Law360, New York (July 27, 2007, 12:00 AM EDT) -- On June 18, 2007, in a 7-1 decision, the U.S. Supreme Court in Credit Suisse Securities (USA) LLC v. Billing, U.S., No. 05-1157 127 S.Ct. 2383, 2007 U.S. LEXIS 7724 (Jun. 18, 2007) held that securities laws implicitly preclude the application of antitrust law to investment bank underwriters of initial public offerings of securities because they face active regulation by the U.S. Securities and Exchange Commission.

While it further limits the application of the antitrust laws, the ruling is a significant victory for the securities industry...
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