Civil Litigation,
9th U.S. Circuit Court of Appeals
May 24, 2022
Damages against lender were too low, 9th Circuit rules
In 2018, U.S. District Judge John F. Walter ruled that CashCall was charging illegally high interest but, in a victory for the lender, awarded the lowest possible amount in damages, $10.3 million, and no restitution for victims.
An Irvine company that lent money at interest rates between 89% and 169% will face a larger fine and may have to pay restitution, a 9th U.S. Circuit Court of Appeals panel ruled Monday.
The Consumer Financial Protection Bureau has sought $197 million in restitution and a higher fine than awarded against CashCall Inc. by U.S. District Judge John F. Walter of Los Angeles.
In 2018, Walter ruled that the lending com...
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