A legal battle over online payday lenders that allegedly use American Indian tribes to charge triple-digit interest rates spurred a second massive settlement, when three more companies connected to Think Finance agreed to a deal in a federal court in Virginia worth more than $433 million in cash and debt forgiveness.
The deal involves TCV V LP, Sequoia Capital, and National Credit Adjusters and, if approved, will cancel about $383 million in debt while creating a settlement fund of about $50 million.
It effectively doubles last year’s settlement with dozens of defendants associated with Think Finance—already the “largest in the ...
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