SEC authority and penalties trump antitrust treble damages

Recent U.S. Supreme Court decision, Credit Suisse Securities (USA) LLC, et al. v. Billing et al, held that the SEC's regulatory authority (and penalties) trump antitrust lawsuits.  The particular case at issue involves allegations that investment banks, including Credit Suisse Securities (USA), conspired to impose illegal tie-ins, or "laddering" arrangements, where favored customers were able to obtain highly sought-after new stock issues in exchange for promises to make subsequent purchases at escalating prices and then conspired to levy additional charges for the stock. The take alleged was average price increases on the first day of trading of more than 70% in 1999-2000, 8½ times the level from 1981 to 1996.  Could Congress consciously intend to protect the securities industry from antitrust lawsuits and the (dis)incentive of treble damages?  Thomas' dissent says no.  See report by USA Today .