Arkansas AG Sues Online Payday Lenders

October 2, 2013
Associated Press  
payday lending news

Arkansas Attorney General Dustin McDaniel is suing companies that he says worked together to offer illegal payday loans online. As a defense against legal action, he says the firms have claimed sovereign immunity due to their purported affiliation with a Native American tribe. McDaniel on Oct. 1 announced that he filed suit against Western Sky Financial, CashCall Inc., WS Funding, Martin A. Webb, and J. Paul Reddam. The lawsuit claims that the defendants offered payday loans with interest rates as high as 342 percent, violating Arkansas law.

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