Thill Securities Corp. v. New York Stock Exchange’s Empirical Analysis
433 F.2d 264 · 1970
Citation profile
20 federal appellate · 2 district ·
How this case has been cited
Cited by 42 later decisions (1 by the Supreme Court) — most recently October 2018 · most notably Gordon v. New York Stock Exchange, Inc. (1975), E. A. McQuade Tours, Inc. v. Consolidated Air Tour Manual Committee (1972)
20 federal appellate · 2 district ·
Later decisions citing this case, by decade. The current decade is in progress, and our corpus holds fewer opinions from the most recent years, so the latest bars are undercounted — not a real decline.
Relationships
Relies on Standard Oil Company of New Jersey v. United States · United States v. Philadelphia National Bank · United States v. Borden Co. · Fashion Originators' Guild of America, Inc. v. Federal Trade Commission · Silver v. New York Stock Exchange
Most-quoted passages
The sentences later courts lift from this opinion, ranked by how many decisions quote each — the parts of the opinion doing the work. These counts are smaller than the citation total above because most of the 42 citing decisions cite the case generally; a passage count includes only decisions quoting that exact language verbatim.
““Plaintiff Thill Securities Corporation, (‘Thill’) is a licensed securities dealer-broker, registered with the Securities and Exchange Commission, and a member in good standing of the National Association of Securities Dealers, Inc., but is not a member of the New York Stock Exchange. It brings this action on its own behalf and on behalf of all other securities dealers and brokers similarly situated, being those who are not members of the New York Stock Exchange and who are denied access to the auction market and trading facilities of the Exchange except through one of its members. In its complaint Thill charges the Exchange with substantial anti-competitive conduct in violation of the antitrust laws of the United States. Sherman Antitrust Act, § 1 and § 2, 15 U.S.C. § 1 and § 2; and Clayton Act, § 4, 15 U.S.C. § 15 . Specifically, Thill charges that the Exchange has engaged in an unlawful and unreasonable combination and conspiracy in restraint of interstate trade and commerce and has unlawfully and unreasonably monopolized the securities market in the United States by among other things adopting, subscribing and adhering to a rule which prohibits any member of the Exchange from sharing any commission earned from the purchase or sale of securities with a non-member, even though the nonmember may have furnished the order; and by discriminately discouraging customers and prospective customers of Thill and other non-members from doing business with non-members. “Thill alleges t”
1 later decision quote this exact passage · from the majority“No bonus or percentage or portion of a commission, whether such commission be at or above the rates herein established, or any portion of a profit except as may be specifically permitted by the Constitution or a rule adopted by the Board of Governors, shall be given, paid or allowed, directly or indirectly, or as a salary or portion of a salary, to a clerk or person for business sought or procured for any member or allied member of the Exchange or member firm or member corporation.”
1 later decision quote this exact passage · from the majority“It is in this area of public protection that the SEC claim their expertise. On the other hand, it should be remembered that the courts of the United States have over the years become the repository of antitrust expertise. ( 433 F.2d at 273 .)”
1 later decision quote this exact passage · from the majority
How this case has been treated — in progress
Whether each later court followed, distinguished, criticized, or overruled this decision. The treatment classification (task #35) runs highest-cited cases first and lights up here as it reaches this one.