(Photo: Atstock Productions/Adobe Stock) 11th Circuit Rules Litigation Funder Immune From Suit Under Georgia's Payday Lending Law
The appellate panel said whether litigation lenders such as Oasis Financial should fall under the Payday Lending Act is a matter for the Legislature or state Supreme Court.
May 24, 2021 at 11:49 AM
4 minute read
A litigation funding company is immune from claims that its business model violates Georgia law by charging interest rates prohibited under the state's Payday Lending Act, the U.S. Court of Appeals for the Eleventh Circuit said.
The ruling echoes an order entered last year by a Southern District of Georgia federal judge who "with reluctance" dismissed a putative class action against Oasis Legal Financing filed on behalf of several plaintiffs who had borrowed relatively small sums of $3,000 or less, then been hit with demands to repay significantly more when their cases were resolved.
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