Retailers to Appeal Interchange Defeat
Retailers who lost the latest round of their battle with the Federal Reserve over its regulation of debit interchange will appeal to the Supreme Court.
Doug Kantor, a partner in the Washington, D.C. offices of Steptoe and Johnson, which serves as counsel to the group, confirmed the decision.
In July of 2013, U.S. District Court Judge Richard Leon sided firmly with retailers in their complaint about the Fed’s debit interchange rule and issued a decision that largely gutted the regulation.
But the Fed appealed Leon's decision and it was overturned in March 2014.
None of the retailers who brought the case have yet commented on the move.
Legal sources familiar with case stress that simply appealing a lower court decision to the Supreme Court does not guarantee the appeal will be heard. According to the Supreme Court's website, more than 10,000 cases are appealed each year to the Supreme Court, but judges only take 75 to 80 of them.