California lenders declared victory in the wake of a state Supreme Court finding that the City of Oakland’s predatory lending ordinance is preempted by state law. A dissenting opinion, however, points out some crucial flaws in the majority’s reasoning. Lenders in the Golden State heaved a sigh of relief after the court invalidated Oakland’s anti-abuse law on Jan. 31, which also brought similar proposals pending in Los Angeles and San Jose to a screeching…