Antitrust Liability for Underwriters?

The Supreme Court has granted the certiorari petition in the Credit-Suisse v. Billing, a Second Circuit case addressing antitrust immunity for underwriters under the securities laws.   The Second Circuit overruled the district court last year in its dismissal of a complaint brought by investors against underwriters claiming that they had engaged in a practice of fixing the minimum prices for IPO's.   A copy of the 2nd Circuit's opinion and a letter from SEC general counsel advocating immunity are linked below.

Download Billing2ndCiropinion.pdf
Download secletter.pdf