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American Banker quotes Eric Magnuson in “Banks Look to Congress, Court on ATM Fee Suits”
Print PDFEric Magnuson, a partner in the firm’s Business Litigation practice group, was quoted in “Banks Look to Congress, Court on ATM Fee Suits” in American Banker on June 26. The article discusses the recent lawsuits concerning fee-disclosure signs on ATMs and the upcoming vote on a bipartisan bill that would eliminate ATMs from requiring fee disclosure signs in addition to on-screen charge notices. The goal of the bill is to stop nuisance lawsuits and the Supreme Court is expected to issue a ruling the day after the House vote which could potentially make a legislative remedy unnecessary.
Eric who has represented defendants in these suits, said that the requirement that ATMs disclose fees with stickers dates back to a time when on-screen displays were not as sophisticated as today's machines. “All modern ATMs that I’m aware of can display the amount that’s going to be charged,” he said, “which makes the whole regime superfluous.”
