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The following is not meant to be legal advice. 

On June 18, 2007, in Credit Suisse Securities (USA) LLC v. Billing, the US Supreme Court issued a decision about the relationship between the federal antitrust laws and the federal securities laws.

In Credit Suisse Securities (USA) LLC v. Billing, there were issues on whether the antitrust laws should apply at all in certain areas regulated by the SEC.  Defendants included underwriters and institutional investors.  The plaintiff class represented IPO purchasers and aftermarket purchasers of technology stocks.

Securities regulations authorize underwriting activities that conflict with antitrust law. For example, the SEC allows competing IPO underwriters to join in underwriting syndicates, to discuss prices and allocation with prospective customers. Plaintiffs alleged defendants conspired to manipulate aftermarket prices of stocks in violation of the Sherman Act, the Robinson-Patman Act, and state antitrust laws.

The US Supreme Court held that the regulation in securities law precluded the application of the antitrust laws.