High Court asked to hear IPO case

Lawyers for the government last week asked the Supreme Court to take a case that has the potential to wreak havoc on initial public offerings in the U.S. by calling into question much of the cooperation investment banks engage in when they form underwriting syndicates.
The class action, Glen Billing v. Credit Suisse First Boston Ltd., charges that common practices such as setting prices and allocating shares among themselves is essentially illegal collaboration among competitors.
Aside from the threat to current IPO practices, the case already has sparked a turf battle between the Securities and Exchange Commission, the primary regulator for Wall Street, and the Department of Justice, which has jurisdiction over antitrust enforcement.