The Banking Industry failed. The Insurance industry failed. Our Transition tax lawsuit succeeded.
According to Bloomberg yesterday, our case and one other pending before the US Supreme Court are the only two games in town.
It has always been practically impossible to challenge Treasury regulations in court. This is because of a technicality known as the Anti Injunction Act (AIA) which forbids such challenges. (The term “Tax exceptionalism” means that the world of tax regulations is an exception to the general rule that courts can review regulations issued by any other Federal agency.)
In recent years, the Banking industry's attempt to challenge FATCA regulations was kicked out. The Insurance industry recently failed in the CIC vs. IRS case, which they have appealed to the Supreme court.
The following Bloomberg article lists our case in the same line with these cases, with one exception: our Transition tax lawsuit is the one that has succeeded in getting around the AIA technicality where others failed. Not bad.