MINNEAPOLIS (CN) — Expressing skepticism over a tribal lender’s voluntary choice to slash its high interest rates, a federal judge weighed Tuesday whether Minnesota can push forward with seeking to void thousands of “predatory” loans issued to residents through a lawsuit.
Arguing in favor of dismissing the state’s suit, Plain Green LLC — controlled and operated by the Chippewa Cree Tribe in Montana — said its April decision to cap interest rates for Minnesota borrowers at 8% makes the state action moot, though U.S. District Judge Jeffrey Bryan struggled to agree.
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