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Constitutional Law Keyed to Cohen
Lewis v. BT Investment Managers, Inc
Facts
In 1972 Bankers Trust New York Corporation sought and received approval to open a subsidiary in Florida that would furnish investment advisory serves to the general public. At the time its proposal was approved because only giving advice to trust companies or banks was prohibited. The Florida financial community reacted negatively and many filed comments with the Board objecting to the Bankers Trust proposal. The state legislature also took action and shortly after Bankers Trust qualified to do business, the legislature amended the statute so that no out-of-state bank holding company could own or control a business within the State that sold investment advisory services to any customer, including the general public, trust companies, or banks. The amendment was a direct response to Bankers Trust’s pending application and the amendment had the strong backing of the local financial community. In April 1973 the Board rejected Bankers Trust’s proposal on the ground that it would co nflict with state law. Its entry would ordinarily have a desirable pro-competitive impact but the Board could not vote for the proposal since the statute intended to and does prohibit Bankers Trust’s entry. Bankers Trust sued and the District Court on summary judgment held that the two statutes (prohibiting business with banks, and prohibiting business with the general public) violated the Commerce Clause.
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