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Litigation Update: American Bankers Association and Washington Federal v. U.S.

Litigation Practice Group Teleforum
Start : Friday, February 17, 2017 03:00 PM
End : Friday, February 17, 2017 04:00 PM

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Location:
Federalist Society Teleforum Conference Call

Featured Speakers:
Stephen J. Obermeier
Brett A. Shumate

Description:

The American Bankers Association and Washington Federal, a bank holding company, have filed a suit against the United States government for reducing the amount of dividends paid to banks that own Federal Reserve stock. In the Federal Reserve Act of 1913, the Federal Reserve agreed to pay 6% annual dividends to stockholders of regional Federal Reserve Banks, but Congress decreased that amount to 2% in 2015 in the Fixing America’s Surface Transportation Act, or FAST Act, which appropriated the other 4% of would-be-dividends for highway funding. Proponents of the change argue that 6% dividends were exorbitant returns for the stock, and that banks are still guaranteed a positive return, even at 2%.

Brett Shumate and Steve Obermeier of Wiley Rein, who represent the plantiffs in this case, will join us to discuss the pending litigation.

Featuring:

  • Stephen J. Obermeier, Partner, Wiley Rein LLP
  • Brett A. Shumate, Partner, Wiley Rein LLP
Agenda:

Call begins at 3:00 p.m. Eastern Time.

Registration details:

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