Lender used Tribe to charge nearly 800% interest, according to Suit
Posted onAuthorNoah A. SmithComments Off on Lender used Tribe to charge nearly 800% interest, according to Suit
By Katryna Perera (August 18, 2022, 5:03 p.m. EDT) – An Illinois resident filed a class action lawsuit Wednesday against a California-based loan company, accusing it of abusing tribal immunity to charge up to 800% interest rate on the loans it disburses.
Plaintiff Tonia Long filed her lawsuit in federal court in Illinois against Layma LLC, also known as Layama LLC, which does business as Little Lake Lending, and its alleged Director and CEO, Ben Ray III.
The lawsuit is on behalf of everyone who took out a loan with Layma or Little Lake Lending at more than 9% interest and was unable to repay the loan in full.
Long claims that when…
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