`Sound Policy.' Durbin and Retailers Defend Illinois Swipe Fee Law

Also, Fifth Circuit panel gives SEC and hedge funds tough time in short-selling case

Banks and credit unions celebrated last week when the OCC weighed in with strong support for their lawsuit seeking to halt an Illinois law barring swipe fees on taxes and tips. But the other side has a few prominent allies as well.

The backers, who’ve submitted amicus briefs in an Illinois federal court over the past few days, include retailers and Sen. …