High Court Pass Not The End Of Usury Law Question

Law360, New York (June 27, 2016, 9:02 PM EDT) -- The U.S. Supreme Court elected not to review a Second Circuit decision allowing New York usury law to trump federal statute in a case against a debt buyer, but a U.S. government brief in the case could result in the question coming back to the high court.

The Office of the Comptroller of the Currency and the U.S. solicitor general's office said in a brief last month that the Second Circuit was wrong when it revived a consumer class action alleging Midland Funding was charging interest rates that violated New York’s usury cap even though the firm bought the debt from...

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