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A Wisconsin Tribe Built a Lending Empire Charging 600% Annual Rates to Borrowers
https://www.propublica.org/article/wisconsin-lac-du-flambeau-tribe-predatory-lending-lawsuit-sovereign-immunityA Wisconsin Tribe Built a Lending Empire Charging 600% Annual Rates to Borrowers
by Megan O’Matz and Joel Jacobs
Aug. 13, 5 a.m. EDT
Reporting Highlights
[...]
by Megan O’Matz and Joel Jacobs
Aug. 13, 5 a.m. EDT
Reporting Highlights
- 600% Online Loans: A Wisconsin tribe built a lending empire on high-interest lending, relying on its sovereign rights to avoid state interest rate caps.
- Bankruptcies and Complaints: A ProPublica analysis found that the tribe’s companies are mentioned frequently in personal bankruptcies and consumer complaints.
- Groundbreaking Settlement: A proposed class-action settlement involving the tribe’s officials promises to deliver extraordinary relief to borrowers, erasing over $1 billion in debt.
These highlights were written by the reporters and editors who worked on this story.
[...]