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...
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