The Bairs Foundation was created to be a fair and low-cost way for plaintiffs to get financial support while going through a lawsuit. The founders, John and Amy Bair, noticed that in an industry full of for-profit lending companies, families in need had no alternatives. The lawsuit points out that an APR over 100 percent is “unconscionable, unfair and otherwise illegal,” as is the way Oasis …
A U.S. Supreme Court ruling this week could clear the way for a lawsuit by three metro Atlanta counties alleging that predatory lending practices by mortage lenders cost them hundreds of millions in lost property taxes and higher expenses in blighted neighborhoods. In a mixed ruling, the U.S. Supreme Court said cities can sue banks for alleged predatory lending practices that violate the Fair …
Thursday, a unit of HSBC Holdings said it will pay $1.575 billion in order to end a 14-year old shareholder class action lawsuit. The lawsuit stems from questionable mortgage lending undertaking more than a decade ago from the Household International consumer finance business that HSBC bought in 2003, according to an article by Jonathan Stempel for Reuters. In the second quarter, the company …
Renaud Laplanche stepped down last Friday, the online lender announced today. According to an internal investigation, Laplanche had improperly managed $22 million in loan sale agreements in March and April. Three additional senior executives resigned or were fired.
A proposed class action against LendingClub Corporation is credit negative for asset-backed securities (ABS) backed by consumer loans originated through online platforms using a partner bank origination model, Moody’s Investors Service says in a new report. The lawsuit confirms that the owners of such loans face legal challenges over whether the loans are exempt from …
Regulators don’t like the unregulated, and in what some would term, “the CFPB inviting more into its boat to be bashed with oars,” it announced it is accepting complaints from consumers encountering problems with loans from online marketplace lenders. “The Bureau is also releasing a consumer bulletin that provides an overview of marketplace lending and outlines tips for consumers who are …
VCs have pumped up the value of the “unicorn” startups. Now tech IPOs are in trouble. Good luck getting out.