The U.S. Supreme Court has worked overtime on banking issues during its current term, tackling 20 disputes that have dogged the industry for years.
Among the issues the Supreme Court has debated: insurance powers, bankruptcy, asset forfeiture, check clearing, credit card fees, regulatory goodwill, and director and officer liability.
This cluttered docket so far has resulted in five banking opinions and two orders this term, with several more decisions and at least a half-dozen orders expected within the next few months.
That doesn't even count the several cases awaiting action by the justices or a director and officer liability dispute set for argument in October.
"This is amazing, unprecedented, and probably will not be replicated," said Michael Crotty, deputy general counsel for litigation at the American Bankers Association.
The banking industry's numbers are even more impressive when compared with the court's total docket. The Supreme Court has issued 38 opinions this term, five of which affected banks. In fact, 13% of the cases it agreed to hear this year are related to banking.
The court not only has taken a lot of banking cases, but has found for the industry in all but one of the rulings so far. "This has been a very good year for the industry," Mr. Crotty said.
Lawyers said the banking emphasis is just one facet of the court's unexpected willingness this year to resolve long-standing business disputes.
Stephen Bokat, executive vice president of the National Chamber of Commerce Litigation Center, said the Supreme Court has addressed age discrimination, punitive damages, pension plans, and collective bargaining. "There are a lot of important cases up here," Mr. Bokat said. "This is a major reversal from two or three years ago."
During those terms, the Supreme Court appeared to go out of its way to avoid business cases, preferring to confront social issues instead.
The situation became so bad that former Solicitor General Kenneth Starr complained in 1994 that the court was leaving too many business disputes unresolved.
The court shows no signs of backing off banking cases. Last winter it decided to put a credit card and a regulatory goodwill case on the fast track. Oral arguments in these two cases will be made April 24, the last week of the 1995-96 term.
The credit card case, Smiley v. Citibank, questions whether states can regulate fees charged by out-of-state banks. The decision will affect six other cases pending at the Supreme Court and dozens of suits before the lower courts.
The goodwill case, U.S. v. Winstar, questions whether the government must pay for reneging on its promise to let thrifts carry regulatory goodwill on their books for 40 years. The ruling will establish a precedent that should affect nearly 100 similar suits.
Next term, which begins Oct. 7, also looks fruitful.
The justices agreed Monday to hear a director and officer liability dispute. The court also has some unfinished business to wrap up next term, including an appeal questioning the confidentiality of examination reports.
