Supreme Court Allows Retailer to Challenge Debit Card Swipe Fees

A North Dakota truck stop argued that a six-year limit on filing suit against a regulation was unfair because it opened after that period had elapsed. The Supreme Court ruled 6-3 on July 1 that a retailer can challenge the fees the Federal Reserve System allows banks to charge for processing debit card transactions, despite not filing the challenge before the usual six-year cutoff. The respondent, the Federal Reserve System, is the central bank of the United States. Among its primary responsibilities are national monetary policy, supervising and regulating banks,...