Supreme Court Bans State Suits Against National Banks

Law360, New York (January 17, 2006, 12:00 AM EST) -- National banks scored an important victory that will minimize state-level lawsuits against them in a U.S. Supreme Court ruling Tuesday that moved a Wachovia Corp. case from a state court to a federal venue and stipulated that other banks with coast-to-coast presence are to be offered the same protection.

In a unanimous 8-0 decision, the high court ruled that corporations structured as national banks are to receive federal hearing whenever lawsuits are brought against them within states where they have branches.

The finding essentially outlaws a...
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