Supreme Court Grants Banks Broad Implied Immunity From Antitrust Lawsuits

In a big win for the securities industry, the Supreme Court on Monday gave investment banks broad implied immunity from antitrust suits, stating that the SEC is better qualified than judges and juries to determine the legality of conduct in IPOs. The Court's deference to the SEC could mark a new high-water mark for the regulatory state that might be applied in other contexts, including telecommunications and environmental law, where it could be argued that regulators have more expertise than courts.

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