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Supreme Court Ruling Favors Covington Client Wachovia in Federal Preemption Case

4/17/2007

WASHINGTON, DC, April 17, 2007 — The United States Supreme Court ruled today that attempts by the states to license, examine, and supervise the banking activities of national banks or their operating subsidiaries are preempted by the National Bank Act.  The 5-3 ruling in Watters v. Wachovia Bank, N.A., No. 05-1342, is an important victory for national banks and their subsidiaries.  Covington partner Robert A. Long argued for Wachovia in the Supreme Court; with him on the briefs were Covington lawyers Stuart C. Stock, Keith A. Noreika, and Emily Johnson Henn.

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