Cite as: 518 U. S. 839 (1996)
Opinion of Souter, J.
were Michael A. Carvin, Robert J. Cynkar, and Vincent J. Colatriano.*
Justice Souter announced the judgment of the Court and delivered an opinion, in which Justice Stevens and Justice Breyer join, and in which Justice O'Connor joins except as to Parts IV-A and IV-B.
The issue in this case is the enforceability of contracts between the Government and participants in a regulated industry, to accord them particular regulatory treatment in exchange for their assumption of liabilities that threatened to produce claims against the Government as insurer. Although Congress subsequently changed the relevant law, and thereby barred the Government from specifically honoring its agreements, we hold that the terms assigning the risk of regulatory change to the Government are enforceable, and that the Government is therefore liable in damages for breach.
*Briefs of amici curiae urging affirmance were filed for the Chamber of Commerce of the United States by Herbert L. Fenster, Tami Lyn Azorsky, and Robin S. Conrad; for the Aerospace Industries Association of America, Inc., et al. by Clarence T. Kipps, Jr., Alan I. Horowitz, and Mac S. Dunaway; for AmBase Corp. et al. by Laurence H. Tribe, Brian Stuart Koukoutchos, Harvey Silverglate, and John C. Millian; for the American Association of State Colleges and Universities et al. by Joseph N. Onek, Kent R. Morrison, Robert P. Charrow, Sheldon Elliot Steinbach, and J. Mark Waxman; for Coast Federal Bank, FSB, by Daniel J. Goldberg and Matthew G. Ash; for Dollar Bank, FSB, by Paul Blankenstein, John K. Bush, and Robert T. Messner; for the Franklin Financial Group, Inc., et al. by Thomas M. Buchanan, Paul M. Fish, Ronald R. Glancz, John F. Cooney, Don S. Willner, and Jerrold J. Ganzfried; for Keystone Holdings, Inc., et al. by Melvin C. Garbow and Edward H. Sisson; for Long Island Savings Bank, FSB, by Russell E. Brooks and Fred W. Reinke; for Trinity Ventures, Ltd., et al. by John C. Millian, John K. Bush, and Wesley G. Howell, Jr.; for the Watts Health Foundation, Inc., et al. by Peter J. Gregora and Kenneth R. Heitz; and for the Western Federal Savings and Loan Association et al. by Dennis A. Winston.
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