CashCall Still Owes $200M After Landmark Liu, 9th Circ. Told
By Lauren Berg (September 23, 2021, 8:53 PM EDT) -- The Consumer Financial Protection Bureau told the Ninth Circuit during oral arguments Thursday that a recent U.S. Supreme Court decision that held disgorgement awards can't exceed a defendant's net profits doesn't affect whether CashCall Inc. should pay over $200 million in restitution for deceptively collecting on illegal payday loans.
CFPB attorney Kristin Bateman told the panel that the district court erred by refusing to order CashCall to pay back the hundreds of millions of dollars it took from customers by charging interest rates and fees it wasn't entitled to take. She said the high court's decision in Liu v. SEC concerned...
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