Tribal lenders must pay category $ 50 million for inflated interest rates

0
By Diamond Naga Siu (March 31, 2021, 6:59 p.m. EDT) – A Virginia federal judge has approved a $ 50 million class action settlement against entities linked to a financier who issued predatory loans with inflated annual rates by over 440% and avoided ramifications by partnering with Native American companies for immunity.

The borrower class, led by Darlene Gibbs, accused the three main entities – TCV V LP, a group of Sequoia Capital and National Credit Adjusters LLC companies – of predatory lending structures that violated the Influenced and Corrupted Organizations Act by racketeers.

The model, according to a class action lawsuit amended in October, is one where predatory entities team up with tribal businesses, …

Stay one step ahead

In the legal profession, information is the key to success. You need to know what’s going on with customers, competitors, practice areas, and industries. Law360 provides the intelligence you need to stay an expert and beat the competition.

  • Access to case data in articles (numbers, filings, courts, nature of prosecution, etc.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, requests, etc.
  • Create personalized alerts for specific articles and topics and more!

TRY LAW360 FREE FOR SEVEN DAYS

Leave A Reply

Your email address will not be published.