Wal-Mart, 7-Eleven Back Supreme Court Swipe Fee Challenge
By Jonathan Randles (September 24, 2014, 7:28 PM EDT) -- Wal-Mart Stores Inc., 7-Eleven Inc. and other merchants have asked the U.S. Supreme Court to undo the Federal Reserve's debit card swipe fee rules, saying the rules diverge from the legislature's intent and will make debit card transactions more expensive.
Wal-Mart and 7-Eleven filed separate amicus briefs with the Supreme Court in support of a challenge brought by retail industry groups to the Fed's swipe-fee rules. In 7-Eleven's Sept. 19 brief, a group of merchants including Starbucks Corp. argued that the Fed badly misinterpreted the Dodd-Frank Act's so-called Durbin amendment — intended to rein in transaction costs — when finalizing its...
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