Law360: High Court Declines Card Users’ Swipe Fee Suit Against Banks
January 10, 2022
The US Supreme Court denied a petition by cardholders to revisit a suit challenging “interchange fees” charged by a number of banks. The cardholders alleged that HSBC Finance Corp., JPMorgan Chase & Co., Bank of America NA, and Capital One Financial Corp. “conspired to fix the fees on card transactions, also known as swipe fees.” The Justices’ decision upheld a Second Court ruling that found that the cardholders did not pay the fees themselves and therefore had no standing in court. Abby Rudzin of O’Melveny & Myers LLP represents Capital One.
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