Credit Suisse v. Billing
Encyclopedia
Credit Suisse v. Billing, 551 U.S. 264 (2007), was a decision by the Supreme Court of the United States
, which held that Congress
' creation of the United States Securities and Exchange Commission
(SEC) implicitly exempted the regulated securities industry from antitrust
lawsuits under other existing laws. Justice Thomas
dissented, arguing that the laws creating the SEC explicitly mention that securities regulations are in addition to, not instead of, existing law.
Supreme Court of the United States
The Supreme Court of the United States is the highest court in the United States. It has ultimate appellate jurisdiction over all state and federal courts, and original jurisdiction over a small range of cases...
, which held that Congress
United States Congress
The United States Congress is the bicameral legislature of the federal government of the United States, consisting of the Senate and the House of Representatives. The Congress meets in the United States Capitol in Washington, D.C....
' creation of the United States Securities and Exchange Commission
United States Securities and Exchange Commission
The U.S. Securities and Exchange Commission is a federal agency which holds primary responsibility for enforcing the federal securities laws and regulating the securities industry, the nation's stock and options exchanges, and other electronic securities markets in the United States...
(SEC) implicitly exempted the regulated securities industry from antitrust
Antitrust
The United States antitrust law is a body of laws that prohibits anti-competitive behavior and unfair business practices. Antitrust laws are intended to encourage competition in the marketplace. These competition laws make illegal certain practices deemed to hurt businesses or consumers or both,...
lawsuits under other existing laws. Justice Thomas
Clarence Thomas
Clarence Thomas is an Associate Justice of the Supreme Court of the United States. Succeeding Thurgood Marshall, Thomas is the second African American to serve on the Court....
dissented, arguing that the laws creating the SEC explicitly mention that securities regulations are in addition to, not instead of, existing law.