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May 10, 2017

Customers Sue Funder Alleging Excessive Interest Rates

Six former Oasis Legal Finance customers are suing the company, asking “a federal judge to declare the interest rates charged by the company in violation of the lending laws of the state,” writes Forbes/Legal Newsline.

The plaintiffs, who include a charge of usury in their suit and are seeking class action status, claim that Oasis used “an effective interest rate in excess of 100 percent,” while Georgia law prohibits interest in excess of 5% per month as usurious.

Numerous states in recent years have passed laws limiting the amount of interest that lawsuit lenders can charge their customers. In 2015, the Colorado Supreme Court ruled that litigation funding agreements are loans. 

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