A newsletter by Reuters and Westlaw |
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The ruling won’t take immediate effect, giving the Fed time to appeal. Read the ruling.
- An appeal to the 8th Circuit could take months or more to resolve. Once the appeals court rules, either side will likely ask the U.S. Supreme Court to take up the case.
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The plaintiff, a convenience store called Corner Post, alleged the Federal Reserve improperly "set a one-size-fits-all cap when Congress commanded the Board to set an issuer-specific and transaction-specific fee standard."
- The Federal Reserve has defended its rule, saying it was adopted in full compliance with congressional requirements of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010.
- In his decision, U.S. District Judge Daniel Traynor in North Dakota said the Federal Reserve had acted outside the scope of its authority in issuing the swipe-fee measure, known as Regulation II. Traynor said the fee standard improperly included certain cost categories.
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This is the second time Traynor has ruled in the case. Traynor in 2022 dismissed the lawsuit, ruling it was filed outside of a six-year statute of limitations governing such cases.
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The U.S. Supreme Court in a 6-3 ruling last year reinstated the lawsuit. Court observers viewed the decision as a major boon to the power of businesses to sue over older federal rules. Read the opinion here.
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The DOJ faces a 12 p.m. ET deadline to file a response in its proposal to unseal the transcripts of grand jury testimony from Ghislaine Maxwell and Jeffrey Epstein's indictments. Maxwell and alleged sex trafficking victims in the case do not want the testimony released. The government is also expected to clarify whether it is seeking to unseal only the grand jury transcripts, or the exhibits presented to the grand jury as well.
- U.S. District Judge Dabney Friedrich in D.C. will hold a motion hearing in a lawsuit brought by the National Endowment for Democracy alleging that the Trump administration violated the APA when it froze congressionally appropriated funds. Read the complaint.
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Court calendars are subject to last-minute docket changes. |
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UnitedHealth's pharmacy benefits manager is trying again to get prominent plaintiffs law firm Motley Rice booted from a lawsuit over the company's alleged role in the U.S. opioid crisis, citing the firm's past work for state and local governments. Read this week’s Billable Hours.
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Just one move this morning: DLA Piper added Emma Whenham to its investment funds practice from Kirkland.
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That’s the maximum amount Milbank is doling out this summer in bonuses for associates and special counsel. Milbank, which offered bonuses on the same scale last summer, in recent years has been a first mover in the industry on associate compensation. Read more here. |
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U.S. District Judge Katheen Williams in Miami ordered a temporary halt to construction at an immigration detention center in the Florida Everglades dubbed “Alligator Alcatraz.” Read more.
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Apple has been sued by a Texas company that accused the iPhone maker of stealing its technology to create its lucrative mobile wallet Apple Pay.
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U.S. District Judge Michelle Williams in Los Angeles dismissed the CFPBs lawsuit against Experian which alleged Experian had failed American consumers who had challenged the accuracy of their reports.
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Vanguard Group settled a lawsuit accusing the mutual fund giant of saddling investors in its popular target-date funds with inflated tax bills, after a federal judge rejected an earlier settlement. Read more here.
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