Tribe-Linked Lenders Hit With 2nd RICO Suit Over Loans
By Victoria McKenzie (January 13, 2022, 5:40 PM EST) -- Online lender Aaniiih Nakoda Finance LLC was hit with a second proposed class action for racketeering in Illinois under the Racketeer Influenced and Corrupt Organizations Act that accused the company of using a federally recognized tribe as a front to avoid prosecution for its illegal predatory loan scheme.
Illinois resident Lauren Combs told a federal judge Tuesday that the company, which does business as Bright Lending, illegally charged her 699.99% annual interest in violation of the Illinois Predatory Loan Prevention Act of 2021. Because of the company's status as a "tribal lending entity," she said, Bright Lending claims sovereign immunity from usury laws.
According to the complaint,...
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