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Settlement reached in online payday loan class action

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More than 6,500 Hoosiers will share $1.35 million in a class-action settlement reached in long-running litigation against an online payday lender that in some cases charged finance fees that exceeded 1,000 percent annual percentage rates.

Average class members in the suit against LoanPoint USA should receive checks early next year of about $200, though payments to some class members will exceed $1,000.

The settlement approved by Marion Circuit Judge Louis Rosenberg Thursday entitles to relief anyone who received a payday loan from LoanPoint USA between March 23, 2008, and March 23, 2010. The settlement also voids more than $5 million in outstanding loans the lender made to Hoosiers during that period. Plaintiffs allege those loans violated Indiana’s payday-loan statutes, I.C. 24-4.5-7-101 through -414.

Cohen & Malad LLP if Indianapolis is class counsel and announced the settlement Thursday. LoanPoint USA sought to enforce arbitration with class members in appeals that the Indiana Supreme Court and Supreme Court of the United States declined to hear.

“We are glad that some of Indiana’s most financially distressed citizens will be getting meaningful checks to compensate them for the overcharges,” Cohen & Malad class counsel Vess Miller said in a statement.

“This case is a good example of why class actions are so important,” Miller said. “None of LoanPoint’s victims could reasonably afford to bring a lawsuit over their few hundred dollars, but because we were able to bring a class action we were able to make sure that thousands of people will get back the money they deserve and that LoanPoint is held accountable.”

The LoanPoint USA defendants, who include Mark Curry and affiliated companies Geneva-Roth Ventures Inc., and Geneva-Roth Capital Inc., also are barred from originating loans in Indiana until they register with the Department of Financial Institutions and comply with payday lending laws, according to the settlement.

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  1. For many years this young man was "family" being my cousin's son. Then he decided to ignore my existence and that of my daughter who was very hurt by his actions after growing up admiring, Jason. Glad he is doing well, as for his opinion, if you care so much you wouldn't ignore the feelings of those who cared so much about you for years, Jason.

  2. Good riddance to this dangerous activist judge

  3. What is the one thing the Hoosier legal status quo hates more than a whistleblower? A lawyer whistleblower taking on the system man to man. That must never be rewarded, must always, always, always be punished, lest the whole rotten tree be felled.

  4. I want to post this to keep this tread alive and hope more of David's former clients might come forward. In my case, this coward of a man represented me from June 2014 for a couple of months before I fired him. I knew something was wrong when he blatantly lied about what he had advised me in my contentious and unfortunate divorce trial. His impact on the proceedings cast a very long shadow and continues to impact me after a lengthy 19 month divorce. I would join a class action suit.

  5. The dispute in LB Indiana regarding lake front property rights is typical of most beach communities along our Great Lakes. Simply put, communication to non owners when visiting the lakefront would be beneficial. The Great Lakes are designated navigational waters (including shorelines). The high-water mark signifies the area one is able to navigate. This means you can walk, run, skip, etc. along the shores. You can't however loiter, camp, sunbath in front of someones property. Informational signs may be helpful to owners and visitors. Our Great Lakes are a treasure that should be enjoyed by all. PS We should all be concerned that the Long Beach, Indiana community is on septic systems.

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