Fort Worth's Cash American Will Give Millions in Refunds
December 4, 2012
Fort Worth-based Cash America announced Tuesday that it will refund millions of dollars to about 14,000 Ohio borrowers taken to court by the lender to collect on defaulted loans. The nation's largest operator of pawnshops said it recently learned that employees "did not prepare some court documents properly in many of its Ohio collections legal proceedings." The company put the cost of the reimbursements and related expenses at $13.4 million. On Monday, an Ohio state appeals court upheld a lower court's ruling that Cash America's Ohio Company, Ohio Neighborhood Finance, made an improper type of loan under state statutes. The court ruled that the lender could not collect all the interest and fees that it calculated were due.
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