U.S. Supreme Court

Case Status


Docket Number



2006 Term

Oral Argument Date

March 27, 2007


Questions Presented

Whether, in a private damages action under the antitrust laws challenging conduct that occurs in a highly regulated securities offering, the standard for implying antitrust immunity is the potential for conflict with the securities laws or, as the Second Circuit held, a specific expression of congressional intent to immunize such conduct and a showing that the SEC has power to compel the specific practices at issue.

Case Updates

Supreme Court addresses antitrust immunity and IPO offerings

June 18, 2007

The Supreme Court agreed with NCLC and upheld implied antitrust immunity for conduct related to IPOs.

U.S. Chamber files amicus brief

January 22, 2007

NCLC urged the Supreme Court to imply antitrust immunity for conduct related to Initial Public Offerings (IPOs). In this case, plaintiffs filed class actions against the leading investment banks for allegedly engaging in anticompetitive conduct while recruiting customers for IPOs. In its brief, NCLC explained that the Securities and Exchange Commission (SEC) pervasively regulates the IPO process and that SEC’s regulatory regime not only encourages competition but also capital formation, a goal undermined by the court permitting antitrust class actions to proceed.

Cert. petition granted

December 07, 2006

U.S. Chamber urges Supreme Court to review antitrust immunity and IPO offerings

April 11, 2006

Click here to view the Chamber's brief in support of writ of certiorari.

Case Documents