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Legal brief
13 September 2007
Antitrust immunity in the spotlight
Read more:
antitrust laws
securities laws
us supreme court
short selling
By Michael Coran
In June of this year the United States Supreme Court issued a decision on the interplay between the application of the antitrust laws and the securities laws. In that case, Credit Suisse Securities (USA) LLC v. Billing, the court held that the antitrust laws may not be applied to activities that are "within the heartland" of federal securities regulations.
The decision in Billing is now at the center of a major legal challenge to a class action involving allegations of naked short selling. In that case, In re Short Sale Antitrust Litigation, the plaintiffs allege that the defendant banks violated the antitrust laws by colluding to collect fees from improper naked short selling.
The defendant banks recently filed motions with the court to have the antitrust claims dismissed on the grounds that they are now preempted as a result of the Supreme Court's decision in Billing. Resolution...
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