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GORDON v. NEW YORK STOCK EXCHANGE, INC.

No. 74-304.

422 U.S. 659 (1975)

GORDON v. NEW YORK STOCK EXCHANGE, INC., ET AL.

Supreme Court of United States.

Decided June 26, 1975.

Attorney(s) appearing for the Case

I. Walton Bader argued the cause for petitioner. With him on the brief was Maximilian Bader.

William Eldred Jackson argued the cause for respondents. With him on the brief were Isaac Shapiro, Mark L. Davidson, John J. Loflin, Jr., and James Brendan May.

Howard E. Shapiro argued the cause for the United States as amicus curiae urging reversal. With him on the brief were Solicitor General Bork and Assistant Attorney General Kauper.

Lawrence E. Nerheim argued the cause for the Securities and Exchange Commission as amicus curiae urging affirmance. With him on the brief were Walter P. North and Frederic T. Spindel.

MR. JUSTICE BLACKMUN delivered the opinion of the Court.

This case presents the problem of reconciliation of the antitrust laws with a federal regulatory scheme in the particular context of the practice of the securities exchanges and their members of using fixed rates of commission. The United States District Court for the Southern District of New York and the United States Court of Appeals for the Second Circuit concluded that fixed commission rates were immunized...

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