A U.S. District Court in Washington, D.C., has dismissed a lawsuit brought by 11 states and a Texas bank challenging the authority of Dodd-Frank to regulate the financial services industry.
According to U.S. District Judge Ellen Segal Huvelle, who dismissed the suit last week, the plaintiffs did not adequately demonstrate the alleged financial injury they would suffer under the act.
The suit, filed in June 2012, was brought by the State National Bank of Big Spring, Texas, and the Competitive Enterprise Institute, a group that promotes limitations on government oversight. Eventually, 11 states joined the suit, including Alabama, Georgia, Kansas, Michigan, Montana, Nebraska, Ohio, Oklahoma, South Carolina, Texas and West Virginia.
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