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Lender Can't Arbitrate Calif. Consumers' Loan Shark Suit

Law360 (June 11, 2019, 10:40 PM EDT) -- A San Diego federal judge ruled Monday that a national payday lender can't compel arbitration of a proposed class action accusing it of gouging California borrowers with high-cost loans, finding that a 2017 ruling by the state's highest court sinks the arbitration provision that the lender sought to enforce.

U.S. District Judge Gonzalo P. Curiel said the arbitration provision cited by the Kansas-based Speedy Cash included language prohibiting the California borrowers behind the lawsuit from pursuing claims for public injunctive relief in any setting, a kind of waiver that was deemed unenforceable by the California Supreme Court in McGill v. Citibank...

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Court

California Southern

Nature of Suit

Personal Property: Other

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Date Filed

August 31, 2018

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