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CONTINENTAL OIL COMPANY v. BURNS

Civ. A. No. 3909.

317 F.Supp. 194 (1970)

CONTINENTAL OIL COMPANY, a Delaware corporation, Plaintiff, v. Arthur F. BURNS, individually and as Chairman of the Board of Governors of the Federal Reserve System, et al., Defendants.

United States District Court, D. Delaware.

September 15, 1970.

Attorney(s) appearing for the Case

Alexander L. Nichols, George Tyler Coulson and Joseph C. Kelly, of Morris, Nichols, Arsht & Tunnell, Wilmington, Del., for plaintiff.

Joseph C. Kelly, of Morris, Nichols, Arsht & Tunnell, Wilmington, Del., and Frederick M. Rowe, of Kirkland, Ellis, Hodson, Chaffetz, Masters & Rowe, Washington, D. C., of counsel, for American Petroleum Institute, amicus curiae.

F. L. Peter Stone, U. S. Atty., Wilmington, Del., William D. Ruckelshaus, Asst. Atty. Gen., Harland F. Leathers and A. James Barnes, Attys., Dept. of Justice, Washington, D. C., for defendants.

OPINION

LATCHUM, District Judge.

This action was brought under the Declaratory Judgment Act, 28 U.S.C. § 2201, by Continental Oil Company ("Continental") against the Board of Governors of the Federal Reserve System ("the Board") and the Federal Trade Commission ("the Commission") seeking a declaratory judgment that Interpretation § 226.401 of the Truth in Lending Act1 ("the Act"), issued by the Board on April 22, 1969...

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