Consumer finance

Borrowers’ attorneys get $8.2 million fee in payday lender suit

By Gina Kim (August 17, 2022, 3:25 p.m. EDT) — A federal judge in Virginia on Tuesday awarded $8.2 million in attorney fees to attorneys for borrowers who sued the owners of a former payday lender who faced allegations that he used the property of a Native American tribe to charge businesses high interest rates, after signing their $44.5 million class action settlement.

In a 12-page order granting final settlement approval in a years-long litigation spanning multiple jurisdictions stemming from allegations that payday lender Think Finance used Native American-owned businesses as fronts to bill exorbitant interest rates, U.S. District Judge Hannah Lauck said she found the monetary relief obtained by class counsel was…

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