Online Lender Accused Of Linking With Tribe To Get Immunity

Law360, New York (June 23, 2017, 6:52 PM EDT) -- A group of Virginia residents filed a proposed class action in federal court Thursday alleging that an internet lending company engaged in a "rent-a-tribe scheme" to allow it to charge illegally high interest rates on its loans while attempting to use a Michigan tribe's sovereign immunity as a shield from suit.

Lula Williams and four other plaintiffs claimed in their complaint that Big Picture Loans LLC purported to be owned and operated by the Lac Vieux Desert Band of Lake Superior Chippewa Indians, but that the loans the company made were actually funded and controlled by another company, Bellicose Capital LLC,...

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