New York Attorney General Letitia James. Photo: Ryland West/ALM'Astronomical' Interest Rates: $1B Settlement to Resolve Allegations of 'Predatory' Lending Cancels $534M in Small-Business Debts
Through a $1 billion settlement announced by New York Attorney General Letitia James, Yellowstone Capital agreed to wipe out more than $534 million in debt of its small-business clients. It resolves the attorney general's lawsuit alleging Yellowstone ran a large, predatory lending scheme. The settlement canceled debt of more than 1,100 small businesses in New York, and more than 18,000 nationwide.
January 22, 2025 at 03:42 PM
3 minute read
Yellowstone Capital, a defunct cash-advance company that was assumed by Delta Bridge Funding and Cloudfund, agreed to wipe out the debt of its small-business clients as part of a combined $1 billion settlement with the office of New York Attorney General Letitia James, which announced the consent agreement on Wednesday.
The settlement canceled more than $534.5 million in debts of more than 1,100 small businesses in New York, and more than 18,000 nationwide, James said.
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