Retailers win victory in swipe card fees

4:52 PM, Aug 1, 2013   |    comments
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WASHINGTON, DC (WUSA) -- It's a victory for retailers.

A federal judge struck down a rule set by the Federal Reserve to cap fees banks can charge merchants each time a customer swipes their debit card.

Retailers sued and said in a lawsuit that the 21 cent cap was too high.

The ruling is potentially a huge loss for banks which will now have to charge lower fees.

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