A lawsuit that challenged the authority of Dodd-Frank to regulate the financial services industry was dismissed Aug. 1 in Washington, D.C. in U.S. District Court.
According to Judge Ellen Segal Huvelle, the plaintiffs did not adequately demonstrate the alleged financial injury they would suffer under the act.
The suit, filed in June 2012, was brought by the $275 million State National Bank of Big Spring, Texas, and the Competitive Enterprise Institute, a Washington-based policy group that promotes limitations on government oversight. Eventually, 11 states joined the suit, including Alabama, Georgia, Kansas, Michigan, Montana, Nebraska, Ohio, Oklahoma, South Carolina, Texas and West Virginia.
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