Bridge It Inc., a financial technology company offering earned-wage access products under the name Brigit, will have to contend with a proposed class action alleging it charged excessive fees to military personnel.
The advances Brigit offers on customers’ paychecks are debt because they require repayment on a future date of amounts borrowed, Judge Lewis J. Liman of the US District Court for the Southern District of New York said in an opinion Tuesday, allowing plaintiffs to pursue claims alleging the fintech violated the Truth in Lending Act and Military Lending Act by providing faulty disclosures and charging high rates.
“The ...
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