Credit Suisse Securities (USA) LLC v. Billing
Credit Suisse Securities (USA) LLC v. Billing, 551 U.S. 264 (2007), was a decision by the Supreme Court of the United States, which held that the securities markets were exempt from the scope of antitrust laws.
| Credit Suisse v. Billing | |
|---|---|
 | |
| Argued March 27, 2007 Decided June 18, 2007 | |
| Full case name | Credit Suisse Securities (USA) LLC, fka Credit Suisse First Boston LLC, et al. v. Billing et al. |
| Docket no. | 05–1157 |
| Citations | 551 U.S. 264 (more) 127 S. Ct. 2383; 168 L. Ed. 2d 145 |
| Case history | |
| Prior | Certiorari to the United States Court of Appeals for the Second Circuit |
| Holding | |
| Congress' creation of the Securities and Exchange Commission implicitly exempted regulated securities industries from antitrust lawsuits. | |
| Court membership | |
| |
| Case opinions | |
| Majority | Breyer, joined by Roberts, Scalia, Souter, Ginsburg, Alito |
| Concurrence | Stevens (in judgment) |
| Dissent | Thomas |
| Kennedy took no part in the consideration or decision of the case. | |
Facts
Judgment
The Supreme Court held that creation of the United States Securities and Exchange Commission (SEC) implicitly exempted the regulated securities industry from antitrust lawsuits under other existing laws. Justice Thomas dissented, arguing that the laws creating the SEC explicitly mention that securities regulations are in addition to, not instead of, existing law.
See also
Further reading
- Lacour, Justin (2008). "Unclear Repugnancy: Antitrust Immunity in Securities Markets After Credit Suisse Securities (USA) LLC V. Billing". St. John's Law Review. 82: 1115–1156. ISSN 0036-2905.
- Lucas, J. P. (2007). "Pruning the Antitrust Tree: Credit Suisse Securities (USA) LLC v. Billing and the Immunization of the Securities Industry from Antitrust Liability". Mercer Law Review. 59 (2): 803–818. ISSN 0025-987X.
External links
- Text of Credit Suisse Securities (USA) LLC v. Billing, 551 U.S. 264 (2007) is available from: CourtListener Google Scholar Justia Oyez (oral argument audio)
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