Investors Sue Pawnshop Co. After CFPB Enforcement Action

By Emilie Ruscoe (January 18, 2022, 6:13 PM EST) -- Pawnshop company FirstCash Holdings Inc. and two of its executives face investor claims that they hurt shareholders after the CFPB accused the company of violating federal laws protecting military members and their families from unfair lending practices.

In a suit filed Friday in Texas federal court, the Genesee County Employees' Retirement System claimed that the U.S. Consumer Financial Protection Bureau's November 2021 enforcement action against FirstCash sent the company's share prices tumbling by nearly 30% within a month.

According to the pension fund, FirstCash told the public that it was in compliance with the military lending laws, but the CFPB's accusations...

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