Payday Lender To Shell Out $6M In Class Settlement

Law360, New York (October 28, 2010, 2:51 PM EDT) -- An Advance America unit has agreed to fork over at least $5.8 million in cash and debt forgiveness to a class of Missouri residents who say payday loans obtained from the defendant resulted in debts that lasted too long and generated more interest than allowed by law.

The class action plaintiffs, proceeding in the U.S. District Court for the Western District of Missouri, filed an unopposed motion Wednesday for final approval of the settlement, which calls for $2 million in cash payments and between $3.8 million...
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