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Loans › Mandatory Arbitration Clauses

Ballard Spahr LLP

Small business borrowers bring lawsuit alleging lender engaged in “rent-a-charter” scheme to make usurious loans

Ballard Spahr LLP on

A group of small businesses and their individual owners have filed a putative class action lawsuit in a New York federal district court against online lender Kabbage, Inc. that alleges Kabbage engaged in a “rent-a-charter”...more

Patterson Belknap Webb & Tyler LLP

Bankruptcy Court Finds Arbitration Clause in Consumer Loan Contract to be Sufficient Cause to Grant Relief from Automatic Stay

Patterson Belknap Webb & Tyler LLP on

When a bankruptcy petition is filed, an automatic stay comes into effect staying proceedings against the debtor or the debtor’s property. 11 U.S.C. § 362(a). The stay centralizes litigation regarding the debtor and its...more

Manatt, Phelps & Phillips, LLP

LendingClub Hit With Class Action Over Usurious Interest

Manatt, Phelps & Phillips, LLP on

A New York resident, Ronald Bethune, accused LendingClub Corporation of violating the state's usury laws by charging him 29.97 percent interest on his loan—roughly twice the 16 percent limit under New York law and high enough...more

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