Jan. 21 (Bloomberg) -- A divided U.S. Supreme Court struck down decades-old restrictions on corporate campaign spending, reversing two of its precedents and freeing companies to launch advertising campaigns that explicitly try to sway voters.
The 5-4 ruling went beyond the circumstances in the case before the justices, a dispute over a documentary film attacking then-presidential candidate Hillary Clinton.
The majority, invoking the Constitutions free-speech clause, said the government lacks a legitimate basis to restrict independent campaign expenditures by companies.
The case is Citizens United v. Federal Election Commission, 08-205.