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Banks lose battle to delay cap on invisible fee
Legal Line News |
2011/06/09 23:54
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Merchants trumped bankers in a battle for billions Wednesday as the Senate voted to let the Federal Reserve slash fees that stores pay financial institutions when customers pay with debit cards.
Whether consumers will see any of that money remains to be seen.
The Fed will now issue its final rules on debit fees, called interchange fees, on July 21. It has recommended cutting the average 44 cents that banks and credit unions charge for each debit card transaction to no more than 12 cents, although the final plan could change slightly.
The fee is now typically 1 to 2 percent of each purchase. It produces $16 billion in annual revenue for banks, credit unions and the credit card companies that operate the huge payment networks, the Fed estimates.
Merchants say lower fees should let them lower prices. Banks warn that they'll have to recoup the lost revenue through other charges that likely will come directly from consumers' pockets, such as higher checking account fees. |
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Court: Using car to flee can be considered violent
U.S. Court News |
2011/06/08 23:55
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The Supreme Court says fleeing police custody in a vehicle can be considered a violent felony.
The high court made its ruling on Thursday in the case of Marcus Sykes.
Sykes was convicted of being a felon in possession of a handgun in 2008. Officials said he was subject to a sentencing enhancement because of two previous felony convictions, one of which was fleeing the police in a car in Indiana.
Sykes argued his fleeing conviction shouldn't be considered violent and two federal appeals courts, the 7th Circuit in Chicago and the 11th Circuit in Atlanta, have ruled in opposite ways.
The high court said in a 6-3 judgment that Sykes' flight from police can be considered a violent felony. |
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NH Senate rejects changes to anti-bullying law
Legal News |
2011/05/06 04:39
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New Hampshire's Senate has voted unanimously to reject changes to the state's anti-bullying law, such as limiting school responsibility in dealing with off-campus incidents.
Senators said Wednesday that the current law is only months old and needs further study before any changes are made.
The current law was amended last year for the electronic age. It defines bullying and cyberbullying and allows schools to step in if the conduct happens outside of school and interferes with a student's education or substantially disrupts school operations.
Many states have been moving in this direction, but some New Hampshire lawmakers wanted to restrict the boundaries to school grounds.
The House passed a bill in March that would remove that provision and make other changes. The Senate's rejection leaves the measure's future in doubt. |
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Court for Fla. woman charged in husband's NY death
U.S. Court News |
2011/05/06 02:40
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Federal prosecutors have been turning up the heat on a Florida woman accused of arranging the 2009 killings of her millionaire husband and mother-in-law.
Narcy Novack of Fort Lauderdale and her brother, Cristobal Veliz of Brooklyn, N.Y., are due in court Friday morning for a status conference.
Novack and Veliz are accused of hiring others to kill Ben Novack in his New York hotel room and Bernice Novack in her Florida home.
Last month, the government added the mother-in-law's killing to the charges against Novack and Veliz. And a prosecutor said another charge — which carries the possibility of the death penalty — may be in store.
Defense attorneys suggested the prosecution was trying to force a guilty plea.
Ben Novack's father built the Fontainebleau hotel in Miami Beach, Fla. |
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