Lewis v. BT Investment Managers, Inc.
United States Supreme court
447 U.S. 27, 100 S. Ct. 2009, 64 L. Ed. 2d 702 (1980)
- Written by Tanya Munson, JD
Facts
Bankers Trust was a New York-based bank holding company. Bankers Trust applied to the Federal Reserve Board for approval to provide investment advisory services in Florida through BT Investment Managers, Inc. (BTIM) (plaintiff). In response to Bankers Trust’s application, a special session of the Florida legislature amended Florida law to prohibit an out-of-state bank holding company from owning or controlling a business in the state that sells investment advisory services to any customer. BTIM brought suit in district court against the comptroller of Florida (defendant), alleging that Florida’s statute violated the Commerce Clause. The district court found in favor of BTIM and ruled that the statute was unconstitutional. The comptroller appealed.
Rule of Law
Issue
Holding and Reasoning (Blackmun, J.)
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