[JURIST] The US Supreme Court [official website; JURIST news archive] heard oral arguments [transcript, PDF] Tuesday in the case of Credit Suisse Securities v. Billing [Duke Law case backgrounder; merit briefs], 05-1157, a case in which investors filed a class action lawsuit against underwriters and institutional investors for their alleged manipulation of initial public offerings. The question presented was whether the plaintiffs' class can maintain their action under federal and state antitrust laws, or whether the federal Securities Act of 1933 [text] and Securities Exchange Act of 1934 [text] provide the sole means of redress for plaintiffs.

The Supreme Court must also decide whether the US Court of Appeals for the Second Circuit [official website] erred in holding that the investment banking entities did not receive implied immunity from antitrust claims. Justice Anthony Kennedy [Oyez profile] recused himself from considering the case. AP has more. SCOTUSblog has additional coverage.