Ricci v. Chicago Mercantile Exchange, 409 U.S. 289 (1973)

Ricci v. Chicago Mercantile Exchange

No. 71-858

Argued October 18, 1972
Decided January 9, 1973
409 U.S. 289

CERTIORARI TO THE UNITED STATES COURT OF APPEALS

FOR THE SEVENTH CIRCUIT

Syllabus

Petitioner filed an antitrust complaint charging respondents with conspiring to restrain his business by transferring to another person petitioner’s Chicago Mercantile Exchange membership, without notice and hearing, and in violation of Exchange rules and the Commodity Exchange Act. The District Court dismissed the complaint. The Court of Appeals reversed, but held that the antitrust action should be stayed.

Held: The Court of Appeals correctly determined that the antitrust proceedings should be stayed until the Commodity Exchange Commission can pass on the validity of respondents’ conduct under the Commodity Exchange Act. Though the Commission cannot decide whether the Act and rules immunize conduct from the antitrust laws, the Commission’s determination of whether the Exchange’s rules were violated as petitioner claims or were followed requires a factual determination within the special competence of the Commission. That determination will greatly aid the antitrust court in arriving at the essential accommodation between the antitrust and regulatory regimes. Pp. 298-308.

447 F.2d 713, affirmed.

WHITE, J., delivered the opinion of the Court, in which BURGER, C.J., and BRENNAN, BLACKMUN, and REHNQUIST, JJ., joined. BURGER, C.J., filed a concurring opinion, post, p. 308. DOUGLAS, J., filed a dissenting opinion, post, p. 308. MARSHALL, J., filed a dissenting opinion, in which DOUGLAS, STEWART, and POWELL, JJ., joined, post, p. 309.