$30M Settlement In Investors' Suit Against Lender Wins OK

Law360, Philadelphia (September 21, 2017, 3:52 PM EDT) -- A Pennsylvania federal judge on Wednesday signed off on a $30 million settlement between payday lender DFC Global and a class of institutional investors who alleged that it violated securities laws by misrepresenting its financial health and quality of lending practices.

U.S. District Judge Berle Schiller agreed that the settlement between DFC Global Corp. — once the largest payday lender in the U.K. — and the investors was fair, reasonable and adequate, and said it was appropriate for attorneys at Barrack Rodos & Bacine and Bernstein Litowitz Berger & Grossmann LLP to receive 25 percent, or $7.5 million, of that sum. The...

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