Midland's NY Rate Suit Deal Calls For $9M Balance Reductions

Law360 (March 5, 2019, 11:09 PM EST) -- Debt collection firm Midland Funding LLC and an affiliate have agreed to provide $9.25 million in balance reductions and $555,000 in cash to tens of thousands of New York borrowers as part of a deal settling a long-running class action that led to a high-profile Second Circuit decision widely seen as problematic for debt buyers, online lenders and others. 

The borrower plaintiffs behind the class action against California-based Midland and its affiliate Midland Credit Management Inc. unveiled their proposed settlement in New York federal court on Friday, beginning an approval process that could mark the end of a more than seven-year-long...

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.

  • Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and so much more!




Case Information

Case Title

Subscribers Only

Case Number

Subscribers Only


New York Southern

Nature of Suit

Consumer Credit


Subscribers Only

Date Filed

November 10, 2011

Law Firms


Government Agencies