Supreme Court Rejects Cert. In Key Securitization Case

Law360, New York (June 27, 2016, 9:46 AM EDT) -- The U.S. Supreme Court on Monday elected not to review a Second Circuit decision that found state usury laws applied to debt that had been purchased from a national bank, in what amounts to a blow to marketplace lenders and other firms that rely on securitizations.

The high court denied a petition for certiorari filed by Midland Funding seeking to overturn a decision finding the firm was charging interest rates that violated New York's usury cap even though Midland bought the debt from a national bank.

The Second Circuit in its May 2015 decision revived a consumer class action that accuses...

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