Press Releases
Release Date: June 18, 2007
Contact:
Travis Larson, (202) 216-2057, tlarson@sifma.org
Supreme Court Overwhelmingly Supports Industry in Credit Suisse Case
WASHINGTON, D.C.,
June 18, 2007 – The Securities Industry and Financial Markets Association
(SIFMA) applauded the Supreme Court’s 7-1 decision today in the case of Credit
Suisse v. Billing which ruled that an
antitrust lawsuit against Wall Street firms involving the pricing of initial
public stock offerings cannot go forward.
“Today’s decision
preserves longstanding market practices vital to the formation of capital and
the strength of the global economy. Had
the Court taken the opposite view, the industry would have faced massive legal
exposure and a major engine of American growth would have been unnecessarily
damaged,” said Marc Lackritz, president and CEO of SIFMA. “Instead of
opening the industry to destructive antitrust lawsuits, the Court correctly preserved and reaffirmed the
Securities and Exchange Commission’s formative role in balancing competition
and capital formation.”
“This is just one
more example of insatiable trial lawyers abusing the courts to target a
successful American industry. Sadly, we
are fighting many such battles,” added Lackritz.
In April 2006, SIFMA’s predecessors, the Securities Industry Association and The Bond Market Association, filed a joint amicus brief with the National Chamber Litigation Center in this very case. Today’s decision vindicates the numerous and persuasive arguments that SIFMA advanced on behalf of its members in its amicus brief.
http://www.sifma.org/regulatory/briefs/Billing_20v._20Credit_20Suisse_20-_20FINAL.pdf
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The Securities Industry and Financial Markets Association brings together the shared interests of more than 650 securities firms, banks and asset managers. SIFMA's mission is to promote policies and practices that work to expand and perfect markets, foster the development of new products and services and create efficiencies for member firms, while preserving and enhancing the public's trust and confidence in the markets and the industry. SIFMA works to represent its members’ interests locally and globally. It has offices in New York, Washington D.C., and London and its associated firm, the Asia Securities Industry and Financial Markets Association, is based in Hong Kong.