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Banking Law Keyed to Carnell, 7th Ed.
Lewis v. BT Investment Managers, Inc.
Citation:
447 U.S. 27, 100 S. Ct. 2009, 64 L. Ed. 2d 702 (1980)Facts
In 1972, Bankers Trust New York Corporation, a bank holding company based in New York, sought approval from the Federal Reserve Board to establish a subsidiary (BTIM) in Florida to provide investment advisory services. At that time, Florida law did not prohibit such activity. Shortly after BTIM qualified to do business in Florida, the state legislature, responding to opposition from the local financial community, amended Fla. Stat. § 659.141(1) to specifically prohibit out-of-state bank holding companies from owning businesses that provide investment advisory services to any customer in Florida. The Federal Reserve Board subsequently denied Bankers Trust’s application, citing the new Florida law. BTIM and Bankers Trust then filed suit challenging the constitutionality of the Florida statutes, arguing they violated the Commerce Clause by discriminating against out-of-state financial institutions.
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