Credit Suisse Securities (USA) LLC v. Billing

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Credit Suisse v. Billing
Seal of the United States Supreme Court.svg
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.
Citations 551 U.S. 264 (more)
127 S. Ct. 2383
Prior history Certiorari to the United States Court of Appeals for the Second Circuit
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
Dissent Thomas
Kennedy took no part in the consideration or decision of the case.

Credit Suisse 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.



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[edit]

Further reading[edit]

  • 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.