Government Responds in Antitrust Case

On November 9, the Solicitor General filed this amicus brief in the case of CSFB et al v. Billing et al.. The government’s brief, which responds to the Court’s CVSG order of June 19, urges the Court to grant the petition. The case will now be re-considered during the December 7 Conference.

The questions presented are:

1. Whether an antitrust complaint predicated on alleged collusive activity in the securities markets must, in order to survive a motion to dismiss on grounds of implied antitrust immunity, set forth allegations sufficient to support a reasonably grounded expectation that the plaintiff’s claims do not rest on collaborative activities that are either permitted under the securities laws or inextricably intertwined with such permissible activities.

2. Whether conduct that is prohibited under the regulatory scheme governing public offerings of securities is categorically immune from liability under the federal antitrust laws because of the extensive regulatory authority exercised by the Securities and Exchange Commission over such conduct.