Update # 2 (July 5, 2011): When Minnesota Litigator first reported this lawsuit brought by TCF Bank nominally against Ben Bernanke challenging the federal Dodd-Frank banking legislation signed into law by Pres. Barack Obama on 7/21/10, Minnesota Litigator included a quote from a merchant industry trade group saying the case had “zero legal merit.”
The courts appear to have concurred and now TCF has dropped the legal challenge.
Update (April 4, 2011): TCF’s motion for preliminary injunction denied. Minutes of the Court’s hearing today are here.
Original Post (March 11, 2011): In the United States District Court for the District of South Dakota, as previously reported, TCF is taking a run at parts of newly passed federal banking regulation.
The U.S. government lawyers have moved to dismiss and, last Friday, TCF filed its memorandum in opposition. Minnesota Litigator will leave it to interested readers to dig deep into the arguments, if they wish to.