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Ambrose Bierce, a 19th century journalist and poet, once described a lawsuit as “a machine which you go into as a pig and come out as a sausage.” Today, elements of the banking industry are betting that a recent pair of highly favorable U.S. Supreme Court decisions will enable them to successfully sue their regulators — and score a victory for the pig. In June 2024, the court issued a landmark decision in Loper Bright Enterprises v. Raimondo, ending a 40-year precedent that required courts to defer to the interpretative judgment of federal agencies when the U.S. Congress has enacted…
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