Takeaways From Latest Ruling In Madden V. Midland Funding
Law360, New York (March 6, 2017, 12:32 PM EST) -- Henry G. Morriello
George M. Williams Jr.
Nancy Perkins On Feb. 27, 2017, Judge Cathy Seibel of the Southern District of New York issued an important ruling in the latest stage of the proceedings captioned Madden v. Midland Funding. The case involves usury claims against Midland Funding, which purchased defaulted debt from FIA Card Services NA, a national bank with its principal office in Delaware. When Midland attempted to collect on that debt, as interest continued to accrue, the debtor, Madden, sued, alleging that Midland’s efforts violated the Fair Debt Collection Practices Act and New York law because Midland was attempting to...
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