Red Lake Nation News - Babaamaajimowinan (Telling of news in different places)

Court to hear tribe's appeal in predatory loan lawsuit


RICHMOND, Va. (AP) — A federal appeals court is set to hear arguments in a lawsuit accusing a small Native American tribe in Michigan of running a predatory loan scheme.

At least five people from Virginia say they borrowed from after receiving an enticing loan pitch. The Richmond Times-Dispatch reports the lawsuit alleges that Big Picture violated Virginia's usury laws by charging annual percentage rates in some cases of more than 600 percent.


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