HARRISBURG вЂ” In an important ruling involving a lender and investment firm accused of вЂњrentingвЂќ Native American tribes for an online payday loan scheme in Pennsylvania, Attorney General Josh Shapiro announced today a federal judge has permitted the core of case filed by the Attorney General to maneuver ahead. The Attorney GeneralвЂ™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 underneath the guise of a Native American tribe and in addition a bank that is federally-chartered. U.S. District Judge J. Curtis Joyner has rejected the majority of a defense motion to dismiss the lawsuit, ensuring the full instance will continue.
вЂњThese defendants used a native tribe that is american a front to evade state consumer protection laws and regulations and fee higher payday loan rates of interest than permitted under Pennsylvania law,вЂќ Attorney General Shapiro said. вЂњWe filed suit to carry them accountable, weвЂ™re pleased utilizing the courtвЂ™s ruling, and today our instance moves forward.вЂќ
Victory Park argued that as it had no real tie to Pennsylvania and all sorts of those activities it participated in happened outside Pennsylvania, the court had no jurisdiction plus the claims ought to be dismissed.Read More