Advance America Agrees to Pay $18.75M to Settle Lending Lawsuit

RALEIGH, N.C.—Advance America has agreed to pay $18.75 million to settle a class action lawsuit filed in North Carolina alleging it charged illegal fees and interest, attorneys for the plaintiffs announced Sept. 21 Kucan v. Advance).

The settlement, which still requires court approval, would resolve claims that Advance America’s lending practices violated state laws and constituted unfair and deceptive trade practices that were filed with the North Carolina Superior Court for Hanover County in July 2004. In June 2009, following a North Carolina Appeals Court ruling over compelling arbitration, the trial court granted the plaintiffs’ motion for class certification, ...