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Plain Green and Great Plains Lending Scheme RICO and Excessive Interest Class Action

Thursday, December 17th, 2020

Plain Green and Great Plains Lending Scheme RICO and Excessive Interest Class Action

This class action involves an online payday loan scheme that combines interest levels in more than 400%, a snarl of interlocking companies, and an agreement that is“rent-a-tribe attempts to make use of Native American tribal liberties being a shield against federal and state usury rules. The name of defendant Kenneth Rees plus the basic outline of this situation are going to be familiar to people who understand associated with other class action filed against Plain Green and Great Plains two months following this one.

The course with this action, the Virginia RICO Class, is understood to be all Virginia residents that has a loan with Plain Green or Great Plains where in fact the loan had been originated or any re re payment had been made on or after might 19, 2013.

Virginia state legislation establishes a 12% limit on rates of interest and specifies that no individual may charge greater interest on that loan unless they truly are certified because of hawaii. Licensing rules make an effort to further protect consumers by requiring that licensees have actually specific amount in fluid assets plus the character, experience, and knowledge to use a accountable company.

In line with the complaint, Rees experimented with circumvent these guidelines by simply making “rent-a-tribe” agreements with the Chippewa-Cree and Otoe-Missouria tribes and installing two financing organizations, Plain Green, LLC and Great Plains, LLC to work respectively inside their names, looking to exploit their sovereign resistance liberties. The complaint says, Rees and the other defendants then each took a role in making loans with annual percentage rates of from 118% to at least 448% under the cover of these “tribal” companies.

This takes its conspiracy, the issue alleges, that violates the Racketeer Influenced and Corrupt Organizations (RICO) Act. (more…)