A Jones Day and Skadden, Arps, Slate, Meagher & Flom-represented coalition of banking and financial institutions had challenged the law, which was the first of its kind in the United States, arguing that the restrictions conflict with the National Banking Act, which authorizes banks to charge customers noninterest charges and fees. But U.S. District Judge Virginia Kendall backed the restrictions, repeatedly stressing in a 47-page decision that banks do not set, “or arguably charge, interchange fees but just receive them.
A Jones Day and Skadden, Arps, Slate, Meagher & Flom-represented coalition of banking and financial institutions had challenged the law, which was the first of its kind in the United States, arguing that the restrictions conflict with the National Banking Act, which authorizes banks to charge customers noninterest charges and fees. But U.S. District Judge Virginia Kendall backed the restrictions, repeatedly stressing in a 47-page decision that banks do not set, “or arguably charge, interchange fees but just receive them.
