Credit Suisse Securities (USA) LLC, et al. v. Billing, et al.

Whether, in a private damages action under the antitrust laws challenging conduct that occurs in a highly regulated securities offering, the standard for implying antitrust immunity is the potential for conflict with the securities laws or, as the Second Circuit held, a specific expression of congressional intent to immunize such conduct and a showing that the SEC has power to compel the specific practices at issue.

NCLC filed twice in this case: once supporting cert. and once on the merits.

NCLC urged the Supreme Court to imply antitrust immunity for conduct related to Initial Public Offerings (IPOs). In this case, plaintiffs filed class actions against the leading investment banks for allegedly engaging in anticompetitive conduct while recruiting customers for IPOs. In its brief, NCLC explained that the Securities and Exchange Commission (SEC) pervasively regulates the IPO process and that SEC’s regulatory regime not only encourages competition but also capital formation, a goal undermined by the court permitting antitrust class actions to proceed.

The Supreme Court agreed with NCLC and upheld implied antitrust immunity for conduct related to IPOs.

Amicus brief supporting cert. 4/11/06. Call for the Views of the Solicitor General 6/19/06. Review granted 12/7/06. Amicus brief filed 1/22/07. Oral argument held 3/27/07. Decided 6/18/07.