The FCC voted in favor of strong net neutrality rules on Thursday, going against the predictions of many, writes Columbia Law School professor Tim Wu for the New Yorker. A widely repeated warning from industry also proved untrue: "an 'investment-chilling effect' that would destroy millions in market value" resulting from the enactment of net neutrality rules. In fact, when FCC Chairman Tom Wheeler, above, announced his plans in early February, "broadband stocks jumped."

While the "general assumption is that the new rules will be met with fierce and protracted litigation," Tim points out that any lawsuits will (1) seek to undo a rule that's boosted shareholder value, (2) irk the FCC, before which Comcast and AT&T have mergers pending, and (3) be "likely to fail" as the rule is well-written and defended. After taking those factors into account, the most likely legal contenders could be Verizon or groups such as the NCTA.