Although they borrowed small sums online from a slew of businesses w/catchy names — such as Loan at Last or Sky Trail Cash — their #loans stemmed from the same massive operation owned by a small #NativeAmerican #tribe in a remote part of #Wisconsin.
Over the past decade, the #LacDuFlambeau Band of #LakeSuperior #Chippewa …have…become a prominent player in the tribal #lending industry, generating far-reaching impact & leaving a legacy of #economic #despair.
A #Wisconsin #NativeAmerican Tribe Built a #Lending Empire Charging 600% Annual Rates
The #LacDuFlambeau [#LDF] tribe is at the center of a $1B #ClassAction settlement that comes after yrs of fending off claims of #PredatoryLending practices.
In #bankruptcy filings & #consumer complaints, thousands of people across the country make pleas for relief from high-interest #loans w/punishing annual rates that often exceed 600%
#Regulation #SovereignImmunity #opportunism #law
https://www.propublica.org/article/wisconsin-lac-du-flambeau-tribe-predatory-lending-lawsuit-sovereign-immunity
