The Billing case involved antitrust claims brought by investors in an initial public offering alleging that the underwriters engaged in questionable “tying” practices that required purchasing less desirable securities and “laddering” practices that required buyers to take additional shares at escalating prices, forcing them to pay high commissions on subsequent buys. In Billing, the District Court dismissed the complaint on the grounds that federal securities law impliedly precludes application of antitrust laws. The Second Circuit reversed and reinstated the complaints. The US Supreme Court, addressing the question whether there is a “‘plain repugnancy’” between antitrust claims and federal securities law, concluded that there is, interpreting the securities laws as implicitly precluding the application of the antitrust laws to the conduct alleged in that case.
For more on the Electronic Trading Group decision, see Mark Hamblett's NY Law Journal article Antitrust Claim Found Precluded by Securities Regime (password required).
The BLS Library subscribes to the Annual Review of Antitrust Law Developments (Call #KF1649 .A763) published by the Section of Antitrust Law of the American Bar Association, which summarizes developments each year in the courts, at the agencies, and in Congress. The annual supplements are recognized as an authoritative and comprehensive set of research tools for antitrust research.