United States v. Morgan (1953)

United States v. Morgan, 118 F. Supp. 621 (S.D.N.Y. 1953), more commonly referred to as the Investment Bankers Case was a multi-year antitrust case brought by the United States Justice Department against seventeen of the most prominent Wall Street investment banking firms, known as the Wall Street Seventeen.[1][2][3]

United States v. Morgan
United States District Court for the Southern District of New York
Full case nameUnited States v. Morgan et al.
Date decidedOctober 14, 1953
Citations118 F. Supp. 621 (S.D.N.Y. 1953)
Judge sittingHarold Medina
Plaintiff(s)United States of America
Defendant(s)17 defendants (see list in article)
Keywords
Investment Bankers Case
Not to be confused with United States v. Morgan, 346 US 502 (1954), a United States Supreme Court case; see United States v. Morgan (1954).

Facts

The Justice Department filed suit against the firms in 1947 claimed that the leading investment banking firms had combined, conspired and agreed, in violation of the Sherman Antitrust Act, to control and monopolize the U.S. Securities markets.

The 17 Wall Street firms named as defendants in the case, later known as the "Wall Street Seventeen" were as follows:[1][4]

  1. Morgan Stanley & Co.
  2. Kidder Peabody
  3. Goldman Sachs
  4. White Weld & Co.
  5. Dillon Read & Co.
  6. Drexel & Co.
  7. First Boston Corporation
  8. Smith Barney & Co.
  9. Kuhn, Loeb & Co.
  10. Lehman Brothers
  11. Blyth & Co.
  12. Eastman Dillon & Co.[5]
  13. Harriman Ripley
  14. Stone & Webster Securities Corp.
  15. Harris, Hall & Co.
  16. Glore, Forgan & Co.
  17. Union Securities Corp.

Excluded from the case were a number of prominent Wall Street firms including Bache & Co., Halsey Stuart & Co., Merrill Lynch, Pierce, Fenner & Beane and Salomon Brothers & Hutzler among others.

Judgment

The case, which was brought to trial in the Southern District of New York in 1952 was presided over by Harold Medina. In October 1953, after a year-long trial, Medina found in favor of the investment banking firms.

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See also

References
  1. A financial history of the United States Vol. 3. M.E. Sharpe, 2002
  2. Nothing Short of Criminal. Time Magazine, Mar. 17, 1952
  3. Trustbusters' Retreat. Time Magazine, Dec. 3, 1951
  4. Money Monopoly?. TIME Magazine, Nov 10, 1947
  5. Eastman, Dillon Was 'Robin Hood' In Wall Street, Judge Medina Told. New York Times, March 10, 1951
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