Borrowers Seek $14.5M Deal OK In CashCall Usury Suit

Law360 (March 13, 2020, 6:09 PM EDT) -- A certified class of borrowers who claim that short-term lender CashCall Inc. used its affiliation with a Native American tribe to charge illegally high interest rates said Thursday it will ask a New Jersey federal judge to approve their $14.5 million settlement.

Lead plaintiffs John S. MacDonald and Jessica C. Spearman filed a notice saying they would ask U.S. District Judge Madeline Cox Arleo on April 6 for an order granting the class's unopposed motion for preliminary approval of the settlement with CashCall. Under the settlement, CashCall will contribute a gross amount of $14.5 million to a common fund, according to...

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