Tribal Lending Deal With $86M Cash Relief Asks For Final OK

By Melissa Angell (May 27, 2021, 7:59 PM EDT) -- A proposed class of more than 600,000 borrowers urged a Virginia federal judge to grant final approval of a settlement that cancels millions of dollars of debt, doles out $86 million in cash relief and settles illegal online lending claims against tribe-owned American Web Loan Inc.

Class counsel highlighted in their Tuesday motion for final approval that unlike the initial settlement, no objections have yet been filed by any of the class members.

Counsel representing those that objected to the initial deal echoed class counsel on Tuesday, acknowledging the hundreds of millions of dollars of canceled debt and other relief the...

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