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AMERICAN BANKERS ASSOCIATION v. U.S.

2018-1341.

932 F.3d 1375 (2019)

AMERICAN BANKERS ASSOCIATION, Washington Federal, N.A., Individually and on behalf of all others similarly situated, Plaintiffs-Appellants v. UNITED STATES, Defendant-Appellee.

United States Court of Appeals, Federal Circuit.

Decided: August 8, 2019.

Attorney(s) appearing for the Case

Stephen Joseph Obermeier , Wiley Rein LLP, Washington, DC, argued for plaintiffs-appellants. Also represented by Claire J. Evans , Michael E. Toner .

Eric Peter Bruskin , Commercial Litigation Branch, Civil Division, United States Department of Justice, Washington, DC, argued for defendant-appellee. Also represented by Joseph H. Hunt , Robert E. Kirschman, Jr. , Kenneth M. Dintzer , Claudia Burke ; Katherine H. Wheatley , Board of Governors of the Federal Reserve System, Washington, DC.

Before Wallach, Chen, and Hughes, Circuit Judges.

This case arises out of legislation amending the statutory rate for dividend payments on Federal Reserve Bank stock. The Federal Reserve Act of 1913 set the dividend rate at six percent per year, which remained in effect until Congress amended the dividend provision in 2016. The amendment effectively reduced the dividend rate...

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