4th Circ. Affirms Investors Can't Arbitrate Tribal Lender Claims

Law360 (July 22, 2020, 7:12 PM EDT) -- The Fourth Circuit has published two opinions in favor of a group of Virginia loan borrowers, finding a district court was right to reject efforts by tribal payday lender investors to compel arbitration in the face of racketeering claims.

Judge G. Steven Agee wrote Tuesday for the three-judge panel that groups of investors in two lenders, Plain Green LLC and Great Plains Lending LLC, cannot rely on an arbitration clause in the loan agreements that requires disputes be arbitrated under tribal law.

Such agreements amount to a prospective waiver, the panel found. They are unenforceable because they illegally strip customers' right...

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