Business News: Retailers to pay lower debit fees

Business News

(CBS) - In Business News, a big victory for retailers.

A federal judge has struck down a Federal Reserve rule that set a 21 cent cap on fees banks can charge merchants for each time a customer uses a debit card.

Retailers filed a lawsuit saying the Fed's cap was too high on swipe fees. The ruling is potentially a big loss for banks who will now have to charge lower fees.

(CBS) - An operator of eight TGI Friday's restaurants in New Jersey has agreed to pay a half a million dollar fine for serving customers cheap alcohol when they paid for top shelf.

The TGI Friday's were part of 29 establishments that the Feds raided as part of that state's operation swill. 



(CBS) - Microsoft is bringing a pared-down version of its office software to Android phones, but it wont work on Android tablets.

Microsoft made the software available Wednesday through Google's online play store.

It require a one hundred dollar a year subscription to office and won't be sold separately.


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