Payday-Loan Suit Tags Montel Williams, JPMorgan, Wells Fargo

Law360, New York (January 2, 2013, 6:44 PM EST) -- A group of offshore lenders face class action claims that they made unlicensed payday loans and charged illegally high interest rates in a lawsuit removed to California federal court Monday that also targets talk-show host Montel Williams, JPMorgan Chase Bank and Wells Fargo for allegedly aiding the scheme.

In a putative class action, plaintiffs Dinah Pham, Paula Bernal and Mary Bailey sued the Web-based lenders, including Cash Yes, Gateway Holdings, Horizon Opportunities and Payday Valet, after taking out payday loans and facing stiffer fees than the 15 percent allowed under California law, according to the complaint. Their suit also goes after...

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