This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

U.S. District Court Strikes Federal Statute Banning Corporate Campaign Contributions In Case Argued By LeClairRyan's Lee Goodman

WASHINGTON, June 7, 2011 /PRNewswire/ -- The United States District Court for the Eastern District of Virginia ruled today that the corporate contribution ban in federal elections is unconstitutional in a case briefed and argued by LeClairRyan partner Lee E. Goodman, who was assisting Todd Richman of the Federal Public Defenders Office on the campaign finance issues presented in the case.  Today's ruling reaffirmed a prior decision that the Court reconsidered.  The Court's ruling represents the first court decision ruling the corporate contribution ban unconstitutional.  

In United States v. Danielcyk, the federal court held that 2 U.S.C. Sec. 441b's absolute ban against corporate contributions to federal campaigns is unconstitutional under the First Amendment.  The court based its ruling on the Supreme Court's decision in Citizens United v. Federal Election Commission. In that 2010 decision, the nation's highest court held that corporations have the same First Amendment rights as other associations of individuals.

"Judge Cacheris reached the correct conclusion twice," said Goodman. "Citizens United was a sea change in First Amendment jurisprudence and renders the absolute ban on limited corporate contributions unconstitutional.  We are pleased with this decision."

From his base in LeClairRyan's Washington, D.C. office, Goodman advises corporations, trade associations and non-profit organizations on compliance with federal and state campaign finance, lobbying regulations, and IRS regulations on political activity.      

About LeClairRyan

Founded in 1988, LeClairRyan provides business counsel and client representation in corporate law and high-stakes litigation. With offices in California, Connecticut, Massachusetts, Michigan, New Jersey, New York, Pennsylvania, Virginia and Washington, D.C., the firm has approximately 335 attorneys representing a wide variety of clients throughout the nation. For more information about LeClairRyan, visit

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 18,096.90 -106.47 -0.58%
S&P 500 2,098.53 -9.25 -0.44%
NASDAQ 4,967.1410 -12.76 -0.26%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs