Legal Opinion
American Bankers Association v. United States
Court of Appeals for the Federal Circuit
Decided August 8, 2019No. 2018-1341PublishedCited by 71 opinions
1Opinion of the Court
Hughes, Circuit Judge.
This case arises out of legislation amending the statutory rate for dividend payments on Federal Reserve Bank stock. The Federal Reserve Act of 1913 set the dividend rate at six percent per year, which remained in effect until Congress amended the dividend provision in 2016. The amendment effectively reduced the dividend rate for certain stockholder banks from the fixed six percent rate to a lower variable rate. American Bankers Association and Washington Federal, N.A. sued the United States in the Court of Federal Claims, arguing that banks who subscribed to Reserve…
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