The U.S. Supreme Court freed corporations and unions from a century-old ban on political spending Thursday, ruling that restrictions on their electioneering expenditures violate their First Amendment Rights.

In broad terms, the 5-4 decision means corporations and unions can run all the ads they want, so long as they don't coordinate their efforts and messages and plans with the campaigns they're promoting, or with other third-party groups that have similar political interests. A corporation that wants Jane Doe for Governor, for instance, could spend without limit on TV ads to urge voters to elect her, so long ...

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