Payday Lenders Must Cough Up $1.3 Billion

LAS VEGAS (CN) — A federal judge ordered payday lenders that refused to settle with the Federal Trade Commission to pay $1.3 billion for defrauding consumers.

U.S. District Judge Gloria Navarro on Friday granted the FTC motion for summary judgment against AMG Capital, Level 5, Black Creek, Broadmoor, and Scott Tucker, who "controlled, founded or was president" of the payday lenders, and ordered them to pay $1,301,897,652.

Tucker and his companies challenged as hearsay much of the FTC evidence against them, including emails written by Tucker, and checks and bank records.

http://www.courthousenews.com/2016/10/04/payday-lenders-must-cough-up-1-3-billion.htm