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January 17, 2018

2nd Circ. Offers Clarity on Shareholder Class Actions

Two lawsuit lending firms have been ordered by Colorado Attorney General Cynthia Coffman to pay more than $2.3 million to settle claims alleging they charged excessive interest rates, reports Legal Newsline.

LawCash and Oasis Legal Finance offered loans to personal injury plaintiffs that came with what A.G. Coffman said were “predatory interest rates.”  This settlement follows a 2015 Colorado Supreme Court ruling, in which the court ruled that these transactions were, in fact, loans and were therefore subject to Colorado’s interest rate limits and other regulations.

Lawsuit lending firms, particularly LawCash, have been the subject of a number of recent news stories. A New York Post exposé found that LawCash charged interest rates as high as 124 percent in New York, and a group of firms have battled each other and a Pennsylvania judge in the NFL concussion litigation.

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