Colo. AG Settles Marlette, Avant Fintech Lender Cases

Law360 (August 19, 2020, 10:45 AM EDT) -- Colorado's attorney general said he has reached a settlement in closely watched lawsuits accusing two online lenders of illegally teaming up with banks to evade the state's interest rate cap, unveiling a deal that would see the state collect more than $1 million.

The settlement unveiled on Tuesday by Attorney General Phil Weiser calls for Marlette Funding LLC and Avant LLC, along with their respective bank partners Cross River Bank and WebBank, to collectively pay monetary relief of $1.05 million to Colorado and contribute $500,000 toward a state financial literacy program, but it also lays out a first-of-its-kind "safe harbor" for...

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