Forum
U.S. Supreme Court
Case Status
Decided
Docket Number
05-1157
Term
2006 Term
Oral Argument Date
March 27, 2007
Questions Presented
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.
Case Updates
Supreme Court addresses antitrust immunity and IPO offerings
June 18, 2007
The Supreme Court agreed with NCLC and upheld implied antitrust immunity for conduct related to IPOs.
U.S. Chamber files amicus brief
January 22, 2007
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.
Cert. petition granted
December 07, 2006
U.S. Chamber urges Supreme Court to review antitrust immunity and IPO offerings
April 11, 2006
Click here to view the Chamber's brief in support of writ of certiorari.