Oasis Ducks Suit Over ‘Unconscionable’ 72% Interest Rate
Law360 (March 26, 2020, 8:59 PM EDT) -- A Missouri federal judge has thrown out a proposed class action alleging litigation funder Oasis Legal Finance LLC inappropriately charged a 72% annual interest rate on loans to borrowers who filed personal injury litigation, finding nothing in the loan agreements was unexpected or unfair.
Judge Rodney Sippel dismissed the proposed class action with prejudice on Tuesday, shooting down arguments by the plaintiffs that the Oasis agreements were invalid because the loan interest rate was unconscionable, unfair or otherwise illegal.
“The interest rate of 72% in the loan agreements, however arguably excessive, is permitted by Missouri’s usury law and the [Missouri Merchandising...
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