September 30, 2005
IPOs and Antitrust Laws
Posted by Christine Hurt

I was forwarded an email by my husband with a news announcement that the Second Circuit yesterday reversed a dismissal of a lawsuit alleging antitrust violations by Wall Street investment banks with regard to pricing of IPO fees and tie-in arrangements with those allocated original IPO shares.  I won't be able to run this down until tonight, but I have been following this case, In re Initial Public Offering Antitrust Litigation, and am extremely interested in this development.  The district court had dismissed on the grounds that the securities laws pre-empted (and I'm using that term as a lay person) antitrust laws.  The Second Circuit did not agree, apparently.  More later.

Quick update:  The cite is Billing v. Credit Suisse First Boston Ltd., 2005 WL 2381653 (2d Cir. 2005).

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