"New York Attorney General Sues Cash-Advance Operation for Predatory Lending Practices"
TL;DR
New York Attorney General Letitia James has filed a lawsuit against Yellowstone Capital and related companies, alleging that they exploited struggling small businesses by issuing fraudulent loans at interest rates as high as 820%. The operation, which allegedly rebranded as Delta Bridge, continued issuing illegal loans disguised as merchant cash advances, resulting in severe financial challenges for the affected businesses. James is seeking at least $1.4 billion for the impacted small businesses and is also asking for a court order to bar the companies and their affiliates from continuing the operation.
Topics:businesslegalcrime#high-interest-loans#lawsuit#legalcrime#new-york#predatory-lending#small-businesses
- New York sues cash-advance operation for issuing fraudulent loans with rates as high as 820% The Associated Press
- New York sues cash advance provider Yellowstone for $1.4 billion, alleges predatory lending Reuters
- Cash-Advance Pioneer Yellowstone Sued by New York for $1.4 Billion Bloomberg
- New York sues loan shark group accused of charging Manhattan's City Bakery and other small businesses 'illegal' rates of up to 820% Fortune
- AG James alleges lending companies issued fraudulent loans Times Union
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