March 25, 2020 / 11:14 PM / 5 days ago

Judge dismisses class action v. litigation funder charging 72% interest rate

A federal judge has dismissed a proposed class action against litigation financing company Oasis Legal Finance Operating Co, upholding a 72 percent annual interest rate that the plaintiffs claimed was unconscionable.

U.S. District Judge Rodney Sippel in St. Louis ruled Tuesday that the law of Missouri, where the plaintiffs live and where the lawsuit was filed, specifically allows that interest rate for licensed consumer credit providers such as Oasis.

To read the full story on Westlaw Practitioner Insights, click here: bit.ly/39iJjaE

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