The U.S. Supreme Court was expected on Monday to decide a case involving a legal challenge to a Federal Reserve regulation on debit card "swipe fees" in a ruling that could make it easier for businesses to try to overturn longstanding federal rules. The dismissal had been based on Corner Post, the store located in Watford City, missing a six-year statue of limitations that generally applies to such litigation. The Supreme Court has set Monday as its final day for decisions in its current term that began in October. "A group of small business associations had filed a brief urging the Supreme Court to maintain a strict statute of limitations that begins at the time a regulation is finalized. Circuit Court of Appeals upheld Traynor's decision, setting up the Supreme Court appeal.The Fed last year proposed cutting the current cap to 14.4 cents per transaction.

Source: Economic Times July 01, 2024 14:44 UTC