Banks routinely turn to the federal courts to help defend themselves against a slew of financial regulations from the Obama administration but a new Supreme Court case offers the industry a rare chance to go on offense.

The lawsuit, which involves a redevelopment plan in the town of Mount Holly, N.J., has the potential to sharply roll back the reach of the nation's fair-lending laws. The high court's decision Monday to accept the case was a preliminary victory for lenders and a disappointment to anti-discrimination advocates who fear the suit will upset decades of precedent.

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