Attorney General Shapiro Announces A win in Case against Investment Firm involving “Rent-a-Tribe” Payday Lending Scheme

Attorney General Shapiro Announces A win in Case against Investment Firm involving “Rent-a-Tribe” Payday Lending Scheme

HARRISBURG — In a crucial ruling involving a loan provider and investment company accused of “renting” indigenous American tribes for a quick payday loan scheme in Pennsylvania, Attorney General Josh Shapiro announced today a federal judge has permitted the core of a lawsuit filed by the Attorney General to maneuver ahead.

The Attorney General’s lawsuit alleges that Victory Park Capital Advisors LLC, invested and took part in a scheme with Think Finance Inc. to shield it self from state and federal rules by running beneath the guise of A native United states tribe as well as a bank that is federally-chartered. U.S. District Judge J. Curtis Joyner has rejected the majority of a denied nearly all of a protection movement to dismiss the lawsuit, ensuring the instance will proceed.

“These defendants utilized an indigenous us tribe as a front side to evade state customer security regulations and cost greater cash advance rates of interest than permitted under Pennsylvania legislation,” Attorney General Shapiro stated. […]

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