Credit Suisse Securities (USA) LLC v. Billing

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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 nameCredit Suisse Securities (USA) LLC, fka Credit Suisse First Boston LLC, et al. v. Billing et al.
Docket no.05–1157
Citations551 U.S. 264 (more)
127 S. Ct. 2383; 168 L. Ed. 2d 145
Case history
PriorCertiorari 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
Chief Justice
John Roberts
Associate Justices
John P. Stevens · Antonin Scalia
Anthony Kennedy · David Souter
Clarence Thomas · Ruth Bader Ginsburg
Stephen Breyer · Samuel Alito
Case opinions
MajorityBreyer, joined by Roberts, Scalia, Souter, Ginsburg, Alito
ConcurrenceStevens (in judgment)
DissentThomas
Kennedy took no part in the consideration or decision of the case.

Facts

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Judgment

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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

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Further reading

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  • 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.
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