Richard A. Gordon sued stock exchanges and member firms for violating antitrust laws by using fixed commission rates. The Securities Exchange Act of 1934 granted the SEC the power to regulate commission rates. The fixed commission rate structure had deficiencies and the SEC adopted competitive rates based on its study. The SEC introduced Securities Exchange Act Rules 19b-3 and 10b-22 to prohibit the use of fixed rates of commission by exchanges and their members. The court held that antitrust immunity must be implied to allow the Securities Exchange Act to function as intended by Congress.

Gordon v. New York Stock Exchange, Inc. (1975)
Supreme Court of the United States
422 U.S. 659, 45 L. Ed. 2d 463, 95 S. Ct. 2598, SCDB 1974-145, 1975 U.S. LEXIS 115

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