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

Monday, January 20th, 2020

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

HARRISBURG — In a crucial ruling involving a loan provider and investment company accused of “renting” indigenous American tribes for an online 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 guidelines by running underneath the guise of an indigenous United states tribe as well as a federally-chartered bank. U.S. District Judge J. Curtis Joyner has rejected nearly all of a denied nearly all of a defense movement to dismiss the lawsuit, ensuring the full situation will continue.

“These defendants utilized a native us tribe as a front side to evade state customer protection legislation and fee greater pay day loan rates of interest than permitted under Pennsylvania legislation,” Attorney General Shapiro stated. “We filed suit to carry them accountable, we’re pleased utilizing the court’s ruling, and today our instance moves forward.”

Victory Park argued that it took part in happened outside Pennsylvania, the court had no jurisdiction and the claims should be dismissed because it had no physical tie to Pennsylvania and all the activities. (more…)