5 Banks Accused Of Aiding Banned Payday Lenders

Law360, New York (October 08, 2013, 8:07 PM ET) -- BMO Harris Bank NA and four other banks were hit with a proposed class action Monday accusing them of helping online payday lenders conduct business with consumers from states that have outlawed the practice that is notorious for its hefty interest rates and strict repayment deadlines.

In a complaint filed in Georgia federal court, a proposed class of payday loan borrowers accuse the banks of knowingly supporting payday lenders by allowing them access to the Automatic Clearing House network, an expedited payment processing system.

More than...
To view the full article, take a free trial now.
Try Law360 for free for seven days
Already a subscriber? Click here to login

Already have access?

  1. Forgot your password?
  2. Sign In

Get instant access to the one-stop news source for business lawyers

Required

Case Information

Case Title

Parm et al v. BMO Harris Bank, N.A. et al

Case Number

1:13-cv-03326

Court

Georgia Northern

Nature of Suit

Racketeer/Corrupt Organization

Judge

Julie E. Carnes

Date Filed

October 4, 2013

Sections

Law Firms Mentioned

Companies Mentioned

Related Articles