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Supreme Court Sides With Banks

Publication Date: 
June 18, 2007
Kai Ryssdal and John Dimsdale

NPR Marketplace featured Professor Joseph Grundfest commenting on a Supreme Court ruling that Wall Street bankers and brokers planning IPOs are immune from antitrust lawsuits:

... former SEC commissioner Joseph Grundfest says investors who feel cheated by what they regard as Wall Street collusion have the option of taking their case to the SEC.

Joseph Grundfest: The important thing is not how some plaintiffs' lawyers wish the law might be in a way that could benefit them pretty substantially. The question for the Supreme Court is, what is the law as written today?

Grundfest says those who think anti-trust rules should apply will have to get Congress to change the law.