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Customers lack standing to sue banks for interchange fees, rules Ninth Circuit

By  |  July 12, 2012
Customers lack standing to sue banks for interchange fees, rules Ninth Circuit

A three-judge panel for the Ninth Circuit for the U.S. Court of Appeals has affirmed a lower court’s holding that customers do not have standing to bring an antitrust lawsuit against banks for ATM fees. The plaintiffs claimed that banks such as JP Morgan Chase, Wells Fargo, and Bank of America colluded over ATM interchange fees that were then passed on to consumers withdrawing funds at foreign ATMs. The lower court and the Ninth Circuit both held that the plaintiffs lacked standing because they are indirect purchasers who did not pay the interchange fees.

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    Full content: Reuters

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    Related content: The Regulation of Interchange Fees by the U.S. Federal Reserve Board: A Primer on Economic Principles

     

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