Tribe-linked lenders strike with second RICO loan lawsuit
Posted onAuthorDomingo C. MooreComments Off on Tribe-linked lenders strike with second RICO loan lawsuit
By Victoria McKenzie (January 13, 2022, 5:40 PM EST) – Online lender Aaniiih Nakoda Finance LLC has been hit with a second proposed racketeering class action lawsuit in Illinois under the Racketeering Influenced and Corrupt Organizations Act which accused the company of using a federally recognized tribe as a front to avoid prosecution for its illegal predatory lending program.
Illinois resident Lauren Combs told a federal judge on Tuesday that the company, which does business as Bright Lending, illegally charged her 699.99% annual interest in violation of the 2021 law. on the Prevention of Predatory Lending from Illinois. “, she said, Bright Lending claims sovereign immunity from usury laws.
According to the complaint,…
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