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 BigPictureLoans.com 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.

https://www.sfgate.com/news/us/article/Court-to-hear-tribe-s-appeal-in-predatory-loan-13822454.php

 

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