Fed’s Debit-Card Swipe-Fee Rules Rejected by U.S. Judge

Bloomberg reports:

Retailers battling banks over debit-card transaction costs were handed a victory by a U.S. judge, who said merchants were overcharged billions of dollars under an unlawful swipe fee set by the Federal Reserve. U.S. District Judge Richard Leon in Washington ruled today that the Fed considered data it wasn’t allowed to use under the Dodd-Frank law in setting the cap on debit-card transaction fees, known as swipe fees, at 21 cents, and neglected to bolster competition in card networks