WASHINGTON, D.C. – Lisa A. Rickard, president of the U.S. Chamber Institute for Legal Reform (ILR), issued the following statement today about the Colorado State Supreme Court’s unanimous decision in Oasis v. Coffman holding that lawsuit lending is subject to the state’s existing interest rate caps. Lawsuit lending provides “up-front” cash to individual plaintiffs to cover immediate living or medical expenses during litigation at interest rates of up to 200 percent.
“The Colorado Supreme Court’s unanimous ruling establishes important legal precedent that lawsuit lenders must play by the same rules as other lenders in the state, and will protect consumers from having to pay sky-high interest rates. The decision will help curb a practice that gouges injured consumers, and undermines our civil justice system.
“Courts and state agencies around the country should look to this milestone opinion when they weigh how to regulate lawsuit lenders. We applaud the Colorado Office of the Attorney General for pursuing this litigation to the state’s highest court.”
To read the Colorado State Supreme Court’s decision in Oasis v. Coffman, click here.
ILR seeks to promote civil justice reform through legislative, political, judicial, and educational activities at the global, national, state, and local levels
The U.S. Chamber of Commerce is the world’s largest business federation representing the interests of more than 3 million businesses of all sizes, sectors, and regions, as well as state and local chambers and industry associations.