On December 3, 2009, the Second Circuit issued its decision in In re Short Sale Antitrust Litig., affirming the dismissal of an antitrust class action brought on behalf of short sellers against several financial institutions. The suit alleged that the defendants had conspired to inflate the fees charged for borrowing securities in connection with short selling, in violation of the Sherman Act. The court held that the case could not proceed, applying the US Supreme Court's 2007 ruling in Credit Suisse Securities (USA) LLC v. Billing, which outlined considerations for preclusion of antitrust claims in industries subject to regulation. This is the first major decision to apply the guidelines set by Billing.
Please join Lauren Goldman and Richard Steuer for our next 30-minute teleconference where they will update listeners on what this case may mean for businesses.
Mayer Brown's Global Financial Markets Initiative helps clients deal with the legal and business challenges resulting from the ongoing turbulence in worldwide financial markets. By mobilizing the firm's global resources from multiple practices and offices, the Initiative provides clients with knowledgeable and timely counsel on a broad spectrum of their legal needs.