Supreme Court Bars Antitrust Class Actions Against Major Investment Banks on Implied Immunity Grounds

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Supreme Court Bars Antitrust Class Actions Against Major Investment Banks on Implied Immunity Grounds

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We offer clients exceptional insight in dealing with competition agencies in the United States, Europe and around the world.
A global team handling highly complex and sensitive matters in all aspects of litigation.
WilmerHale has defended clients in hundreds of class, derivative, shareholder and individual actions alleging securities fraud, breach of fiduciary duty and other corporate misconduct.
“The firm is at its best during a fight—whether that’s against an enforcer, or in court against a private litigant.” — Global Competition Review
WilmerHale has a record of success at all stages of enforcement proceedings—from informal inquiries to litigation.
WilmerHale has defended clients in hundreds of class, derivative, shareholder and individual actions alleging securities fraud, breach of fiduciary duty and other corporate misconduct.
On June 18, 2007, the Supreme Court held that the securities laws impliedly precluded application of the antitrust laws to an alleged conspiracy among ten leading investment banks that acted as underwriters for initial public offerings during the technology stock boom of the late 1990s. We formulated, argued and won in the District Court the motion to dismiss that was sustained by the Supreme Court.

This is the latest and most important in a series of decisions in which WilmerHale has successfully raised the immunity defense in the context of antitrust class actions against the securities industry.

WilmerHale represented Citigroup Global Markets in this litigation and its team included: Robert B. McCaw, Louis Cohen, Ali Stoeppelwerth, Fraser Hunter and Noah Levine.

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