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Recent Posts
- MCA Funder Fails to Defend Usury Counterclaim, Court Voids Agreement and Awards Damages to Defendants
- US District Court Holds Individual Guarantors Liable for Business Loan; Rejects Usury Challenge
- New York Court Recharacterizes Merchant Agreement as Loan, Vacates Confessed Judgment and Voids Transaction
- Increased Value of Pledged Stock Not Interest
- U.S. District Court Holds that Purchase of Future Settlement Proceeds Violates Kansas Usury Law
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The information and materials on this blog are provided for general informational purposes only and are not intended to be legal advice. The law changes frequently and varies from jurisdiction to jurisdiction. Being general in nature, the information and materials provided may not apply to any specific factual and/or legal set of circumstances. No attorney-client relationship is formed nor should any such relationship be implied. Nothing on this blog is intended to substitute for the advice of an attorney, especially an attorney licensed in your jurisdiction. If you require legal advice, please consult with a competent attorney licensed to practice in your jurisdiction.
Monthly Archives: June 2015
Court Makes Short Shrift of Plaintiff’s Attempt to Circumvent Tribal Immunity; Decision at Odds with Criminal Charges recently Brought Against Payday Lender
Bynon v. Mansfield, 2015 U.S. Dist. LEXIS 66684 (E.D. Pa. May 21, 2015) A disgruntled title loan customer filed a usury action against the manager of a title loan company that was organized under tribal law. Plaintiff acknowledged that she could not … Continue reading
Posted in Civil Usury, Pennsylvania, Tribal Immunity, Usury Cap
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DOJ Files Rico Charges Against Payday Lender, Attacks “Rent-A-Bank” & “Rent-A-Tribe” Tactics
On Monday, the US Attorney’s Office for the Eastern District of Pennsylvania charged Adrian Rubin of Jenkintown, PA, with one count of conspiracy to violate the Racketeer Influenced and Corrupt Organizations Act, one count of conspiracy to commit mail fraud and wire … Continue reading
Posted in Assignor-Assignee, Choice-of-Law, Criminal Usury, Federal Court, RICO
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Another New York Court Finds Usurious Interest Rate Contrary to Public Policy
Pisane v Feig, 2015 N.Y. Misc. LEXIS 1722 (N.Y. Sup. Ct. May 19, 2015) A case out of Kings County, New York, involving two former business partners that had dissolved their corporation. Pursuant to the dissolution proceedings, the defendant was … Continue reading
Posted in Criminal Usury, New York, Usury Cap
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Ballard Spahr Webinar to Discuss Implications of Madden v. Midland Funding, LLC
Attorneys from Ballard Spahr’s Consumer Financial Services Group will hold a webinar on the potential consequences of the Madden decision on July 14, 2015 from 12 p.m. to 1 p.m. ET. The event is limited to Ballard Spahr clients and participants in … Continue reading
Posted in Assignor-Assignee, Webinar
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ITT Appeals to Seventh Circuit – Update
The CFPB has filed its response to ITT’s jurisdictional memo. The Bureau makes two arguments against jurisdiction. First, it argues that ITT’s defense does not fall under the narrow class of important issues that are entitled to interlocutory review. The Bureau … Continue reading
Posted in CFPB, Federal Court
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Allegedly Bogus Price Increases and Services Fees Considered in Determining Whether Rates Charged on Auto Loans Were Usurious
Alkhatib v. New York Motor Grp., LLC, 2015 U.S. Dist. LEXIS 72055 (E.D.N.Y. June 3, 2015) The plaintiffs purchased cars and obtained financing from the used car dealership defendants. The car dealerships later assigned the finance agreements to various banks, … Continue reading
Posted in Assignor-Assignee, Civil Usury, New York, Usury Cap
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Court Acknowledges Benefit of Usurious Business Loan
Lauderdale v. Lauderdale, 2015 Minn. App. Unpub. LEXIS 485 (Minn. Ct. App. May 26, 2015) A couple decided to divorce. The husband was an investor that owned a number of real estate businesses. In the course of valuing the marital property, the trial court deducted … Continue reading
Posted in Minnesota, State Court, Usury Exceptions
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Usury Defense Voids Commercial Loan
Fred Schutzman Co. v Park Slope Advanced Med., PLLC, 2015 N.Y. App. Div. LEXIS 4373 (N.Y. App. Div. 2d Dep’t May 27, 2015) Plaintiff loaned defendant $52,900 at an annualized interest rate of 60%. When defendant defaulted, plaintiff sued to … Continue reading
Posted in Criminal Usury, New York, State Court, Sword vs. Shield
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