Credit Suisse Securities (USA) LLC v. Billing

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
Supreme Court of the United States
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.
Docket no.	05–1157
Citations	551 U.S. 264 (more) 127 S. Ct. 2383; 168 L. Ed. 2d 145
Case history
Prior	Certiorari 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
Majority	Breyer, joined by Roberts, Scalia, Souter, Ginsburg, Alito
Concurrence	Stevens (in judgment)
Dissent	Thomas
Kennedy took no part in the consideration or decision of the case.

Judgment

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

• List of United States Supreme Court cases, volume 551
• List of United States Supreme Court cases
• Credit Suisse First Boston (Europe) Ltd v Lister

Further reading

• 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.

External links

• Text of Credit Suisse Securities (USA) LLC v. Billing, 551 U.S. 264 (2007) is available from: CourtListener Google Scholar Justia Oyez (oral argument audio)