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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. My daughters' kids was removed from the home in March 2015, she has been in total compliance with the requirements of cps, she is going to court on the 4th of August. Cps had called the first team meeting last Monday to inform her that she was not in compliance, by not attending home based therapy, which is done normally with the children in the home, and now they are recommending her to have a psych evaluation, and they are also recommending that the children not be returned to the home. This is all bull hockey. In this so called team meeting which I did attend for the best interest of my child and grandbabies, I learned that no matter how much she does that cps is not trying to return the children and the concerns my daughter has is not important to cps, they only told her that she is to do as they say and not to resist or her rights will be terminated. I cant not believe the way Cps treats people knowing if they threaten you with loosing your kids you will do anything to get them back. My daughter is drug free she has never put her hands on any of her children she does not scream at her babies at all, but she is only allowed to see her kids 6 hours a week and someone has to supervise. Lets all tske a stand against the child protection services. THEY CAN NO LONGER TAKE CHILDREN FROM THERE PARENTS.

  2. Planned Parenthood has the government so trained . . .

  3. In a related story, an undercover video team released this footage of the government's search of the Planned Parenthood facilities. https://www.youtube.com/watch?v=ZXVN7QJ8m88

  4. Here is an excellent movie for those wanting some historical context, as well as encouragement to stand against dominant political forces and knaves who carry the staves of governance to enforce said dominance: http://www.copperheadthemovie.com/

  5. Not enough copperheads here to care anymore, is my guess. Otherwise, a totally pointless gesture. ... Oh wait: was this done because somebody want to avoid bad press - or was it that some weak kneed officials cravenly fear "protest" violence by "urban youths.."

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