Newspaper article THE JOURNAL RECORD

Court Lets New York Firm Own Florida Non-Bank Bank/spread Continues

Newspaper article THE JOURNAL RECORD

Court Lets New York Firm Own Florida Non-Bank Bank/spread Continues

Article excerpt

WASHINGTON (AP) - Non-bank banks, a growing part of the banking industry, won a major victory Monday when the Supreme Court allowed a New York-based holding company to own a non-bank bank in Florida.

The justices, without comment, left intact a ruling that in effect allows the interstate spread of non-bank banks to continue.

Non-bank banks also are called limited service banks because, technically at least, they offer either checking accounts or commercial loans but not both, as do full-service banks.

The new type of banks are springing up around the nation as major brokerage firms such as Merrill Lynch & Co. and leading corporations such as J.C. Penney and Gulf & Western enter the field.

In other cases affecting business, the court:

- Refused to consider curbing the power of unions to hold strikes in support of other unions engaged in labor disputes.

The court rejected an appeal by John Morrell & Co., a meat processor with plants in Sioux Falls, S.D., and Arkansas City, Kan.

The case stems from a strike called by Local 340 of the United Food and Commercial Workers International Union at the Arkansas City plant. Local 340A of the union had a separate contract with the company at the Sioux Falls plant but many of its members honored Local 340's picket lines.

- Let stand a decision limiting the role of the federal courts in resolving disputes over rate increases sought by electric utility companies.

The court rejected an appeal by New Orleans Public Service Inc. The utility, whose rate request was turned down by municipal authorities, unsuccessfully sought a federal court order to force officials to grant the request.

- Agreed to hear an appeal by a Texas oilman who says he should not have to bear full financial liability for selling unregistered oil and gas leases.

The court will determine whether federal securities law requires that a promoter of the deal who also bought securities may be forced to share liability. …

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