Modoc Nation Sued Over Alleged High-Interest Loan Scheme
Posted onAuthorNoah A. SmithComments Off on Modoc Nation Sued Over Alleged High-Interest Loan Scheme
By Caleb Symons (April 11, 2022, 9:30 p.m. EDT) – An Oklahoma tribe that paid $2 million to avoid lawsuits in a recent predatory lending case was hit with a new lawsuit Monday accusing him of to help run a separate loan company that charges exorbitant interest rates.
The putative class action lawsuit filed in federal court in Pennsylvania alleges that leaders of the Modoc Nation conspired with lending company 500FastCash to generate revenue from those interest payments while evading federal and state privacy laws. consumers.
Idell Dearry, a Philadelphia resident who filed the lawsuit, says he paid thousands of dollars in interest to 500FastCash between 2011 and 2019 after the company converted its one-time payment…
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