Publications
Banking on ‘Implied Immunity’ From the Antitrust Laws
Several of the nation’s leading investment banks, including Credit Suisse First Boston Corp., Goldman Sachs & Co., Lehman Brothers Inc., Merrill Lynch Inc., Morgan Stanley & Co. Inc., Salomon Smith Barney Inc., and J.P. Morgan Securities Inc., hope to duplicate the recent success of other defendants and avoid antitrust liability for their activities relating to the ill-fated dot-com IPO boom. Faced with a large, consolidated class action brought by purchasers in technology IPO offerings, the banks have asked a Manhattan federal district court to dismiss the lawsuit, claiming in part that they have “implied immunity” from the federal antitrust laws for the actions alleged.