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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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RI lawyer confirmed as US judge; GOP block fails
Legal Line News |
2011/05/06 02:39
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A trial lawyer nominated by President Barack Obama to be a federal judge in Rhode Island was confirmed on a party-line vote Wednesday just hours after a Senate GOP filibuster attempt failed.
The Senate voted 50-44 to confirm lawyer John McConnell to the bench after a more significant 63-33 tally to advance the nomination past a filibuster orchestrated by GOP leaders.
Eleven Republicans joined with Democrats in the earlier vote to break the filibuster. GOP leaders opposed McConnell, citing his record as a trial lawyer in cases against businesses. Republicans also said McConnell was less than truthful in his testimony to the Senate.
Wednesday's vote comes six years after the Republicans then in control of the Senate considered a change in procedures to make it impossible to filibuster judicial nominations, citing numerous Democratic efforts to stall former President George W. Bush's nominees. Democrats said Republicans were being hypocritical in now trying to filibuster a Democratic nominee. |
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Discrimination suit against Pa. law firm settled
Legal Line News |
2011/05/05 08:41
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A lawsuit that accused Pittsburgh's second-largest law firm of discriminating against women has been settled.
The Pittsburgh Post-Gazette reports a dismissal notice was filed in federal court Thursday, ending the case brought by attorney JoEllen Lyons Dillon.
Dillon alleged in a December lawsuit that women at Reed Smith are paid less than men and that females are pressured to have sex with male superiors to get work.
She also said her pay was nearly halved during maternity leave, and that she was asked if she was done having babies when she inquired about a promotion.
Dillon's lawyer, Sam Cordes, would say only that the matter is resolved to our mutual satisfaction.
Reed Smith declined comment. Dillon no longer works there. |
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Polygamous church dispute may head to Utah court
Legal Line News |
2011/05/02 09:23
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An internal tug-of-war over control of jailed polygamous sect leader Warren Jeffs' southern Utah-based church may force Utah courts to walk a constitutional tightrope that experts say could tread a little too close to separation of church and state.
The presidency of the 10,000-member Fundamentalist Church of Jesus Christ of Latter Day Saints has been in question since March 28, when church bishop William E. Jessop filed papers with the Utah Department of Commerce seeking to unseat Jeffs as president of the church corporation. Under state law, the move automatically put Jessop in power.
That set into motion a flurry of filings from Jeffs loyalists removing Jessop and claiming that some 4,000 church members have pledged their loyalty to their incarcerated leader.
Monday marks the deadline set by commerce officials for both parties to resolve the dispute or a legal showdown might be set in motion since, if no agreement is reached, the state says power will revert back to Jeffs. |
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