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In a lawsuit brought by retailers and restaurants, Leon ruled on July 31 that the Fed's cap of 21 cents per transaction was higher than Congress intended. It was a win for retailers over banks and card companies such as Visa Inc and MasterCard Inc.. Board of Governors of the Federal Reserve System, U.S. Court of Appeals for the D.C. Circuit, No. 13-5270..
NEW YORK, Sept 12- A U.S. federal judge on Thursday heard a diverse parade of objectors seeking to derail a record $7.2 billion class action settlement he is weighing between merchants and credit companies Visa Inc and MasterCard Inc over credit card fees.
A shadow looms over the world's retail banks, which many believe the market is not factoring in.
WASHINGTON, Aug 21- The U.S. Judge Richard Leon of the U.S. District Court for the District of Columbia ruled in late July that the Fed's fee cap of 21 cents per transaction was higher than Congress intended.
WASHINGTON, Aug 21- The U.S. Judge Richard Leon of the U.S. District Court for the District of Columbia ruled in late July that the Fed's fee cap of 21 cents per transaction was higher than Congress intended. He spoke on behalf of the a number of banking industry trade groups, including the American Bankers Association, which were not directly involved in the lawsuit.
WASHINGTON, Aug 14- A U.S. judge postponed throwing out a controversial cap on debit card "swipe fees" and gave the Federal Reserve one week to take a position on whether to write an interim rule to replace the fee cap.
Check out which companies are making headlines before the bell on Wednesday:
Stocks wrapped up the final trading day of the month on a flat note, but still logged their best July since 2010, as the Federal Reserve said it will maintain its bond-buying policy in its ongoing effort to bolster the economy.
A US District Court judge sided with retailers seeking a lower cap on the fees charged by banks for debit card transactions.
*Visa, MasterCard shares fall after ruling. WASHINGTON, July 31- A U.S. judge has sided with retailers seeking a lower cap on the fees charged by banks for debit card transactions, in a key ruling that sent down shares of card companies Visa Inc and MasterCard Inc..
MasterCard reported quarterly earnings and revenue that beat Wall Street's expectations on Wednesday as more people used cards to make payments.
*Shares of Herbalife climb on report George Soros has taken a stake. *Facebook trades above IPO price of $38 for first time since debut.
The CNBC "Earnings Squad" dissects the earnings stories and play on MasterCard, Anheuser Busch Inbev, and Burger King.
In the battle for relevance, U.S. jobs figures are locking horns with U.S. gross domestic product (GDP). Only one is more important to Fed policy thinking.
U.S. stock index futures turned flat after an initial drop Wednesday following a pair of better-than-expected economic reports and ahead of the Federal Reserve's latest policy statement.
*2nd- quarter EPS $6.96/ shr vs est $6.30. July 31- MasterCard Inc reported a better-than-expected 21 percent rise in quarterly profit as more people used cards to make payments, sending its shares up 3 percent before the bell.
July 31- MasterCard Inc reported a higher-than-expected 21 percent rise in quarterly profit as more people used cards to make payments. The world's second-largest payment network's net income rose to $848 million, or $6.96 per share, in the second quarter, from $700 million, or $5.55 per share, a year earlier.
GDP data Wednesday is expected to show a slow-moving, zombie-like economy, as the Fed meets for a second day.
*Scores of shops open illegally each Sunday in Paris. PARIS, July 30- Every Sunday in Paris, crowds of tourists clamber up the hill of Montmartre towards the whitewashed Sacre-Coeur Basilica, pausing by the clothing and gift stores that dot its cobbled streets.
If you're looking for a slow summer day, you won't find it this week.