CashCall Must Pay $134 Million Award in CFPB Case After Appeal

CashCall Inc. failed to convince a federal appeals court to set aside a $134 million restitution order by a lower court after the Consumer Financial Protection Bureau sued the online lender for its issuance and collection of illegal loans.

CashCall didn’t have its Seventh Amendment right to a jury trial violated since the consumer lender waived that right when it voluntarily participated in a bench trial, the US Court of Appeals for the Ninth Circuit said in an opinion Friday. The district court didn’t abuse its discretion when it said the CFPB could seek legal restitution, the appeals court said, ...