Tribal lenders hit with 2nd RICO lawsuit over loans

By Victoria McKenzie (January 13, 2022 5:40 p.m. EST) – Online lender Aaniiih Nakoda Finance LLC has been hit by a second proposed racketeering class action lawsuit in Illinois under the Racketeer Influenced and Corrupt Organizations Act, in which the company was accused of using a federally recognized tribe as a front to avoid prosecution for its illegal predatory loan program.

Illinois resident Lauren Combs told a federal judge Tuesday that the company, which does business as bright lending, illegally charged her 699.99% annual interest in violation of the Illinois Predatory Loan Prevention Act of 2021. Due to the company’s status as a “tribe loan company”. ‘ she said, Bright Lending claims sovereign immunity from usury laws.

According to the complaint…

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