On March 28, 2005, the U.S. Supreme Court declined to review a lower court decision that adversely affects the property rights of businesses that are heavily regulated by the government. The decision was a setback for WLF, which had filed a brief urging the Court to grant review. The appeals court ruled that since the savings industry is heavily regulated, the government may effectively take over a private institution and deplete its assets without having to pay compensation to its owners under the Takings Clause of the Fifth Amendment. WLF’s brief argued that if the decision were allowed to stand, it would threaten the property rights of many other heavily regulated businesses and industries. WLF also argued that the appeals court decision is at odds with Supreme Court precedent, including decisions that grant Takings Clause protections to wireless telephone spectrum licenses — even though such licenses are heavily regulated by the federal government.