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NY AG Settles Lawsuit With Net Lenders

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State Attorney General Eric Schneiderman says New Yorkers charged illegally high interest rates by three Internet lenders his office sued last year can file refund claims.

The lawsuit claimed Western Sky Financial LLC, CashCall Inc. and WS Funding LLC and their owners charged annual interest rates for personal loans at rates ranging from 89 percent to more than 355 percent.
New York law sets the maximum rate at 16 percent. The companies are in South Dakota and California.

According to the attorney general's office, about 11,000 loans for more than $20 million could be refunded under the agreement signed Jan. 31.

Many borrowers have already received loan modifications and the companies paid $1.5 million in penalties.

Copyright 2014 The Associated Press

Dave Lucas is WAMC’s Capital Region Bureau Chief. Born and raised in Albany, he’s been involved in nearly every aspect of local radio since 1981. Before joining WAMC, Dave was a reporter and anchor at WGY in Schenectady. Prior to that he hosted talk shows on WYJB and WROW, including the 1999 series of overnight radio broadcasts tracking the JonBenet Ramsey murder case with a cast of callers and characters from all over the world via the internet. In 2012, Dave received a Communicator Award of Distinction for his WAMC news story "Fail: The NYS Flood Panel," which explores whether the damage from Hurricane Irene and Tropical Storm Lee could have been prevented or at least curbed. Dave began his radio career as a “morning personality” at WABY in Albany.
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