TFC Lawsuit Survives Another Day
by April 5, 2011 11:29 am0
A small courtroom in South Dakota could be the source of another Durbin delay as a judge ruled not to dismiss the TCF Financial lawsuit filed against the Amendment.
“U.S. District Judge Lawrence Piersol today denied the government’s motion to dismiss TCF National Bank’s (“TCF”) complaint and took the motion to dismiss the Office of the Comptroller of the Currency (“OCC”) as a proper party defendant under advisement. The judge also denied TCF’s motion for a preliminary injunction at this time. The court intends to hold a further hearing immediately following the Federal Reserve Board’s issuance of its final ruling on debit card interchange.”
Against the odds-makers, can this lawsuit be enough to put a halt to any rules issued by the Fed as the court considers them in light of the suit? It’s another wait and see.