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Fox News: Attorney General Kane files lawsuit over alleged illegal payday loan scheme

Nov 13, 2014

Langer Grogan & Diver are serving as Special Counsel in assisting Deputy Attorney General Saverio P. Mirarchi of the Attorney General’s Bureau of Consumer Protection with a lawsuit filed in the Court of Common Pleas of Philadelphia County.

According to Fox NewsAttorney General Kathleen G. Kane announced a consumer protection lawsuit against a Texas-based company for allegedly engineering an illegal payday loan scheme over the Internet. According to the lawsuit, the defendants allegedly targeted Pennsylvania consumers in violation of state law.

The civil lawsuit was filed in the Court of Common Pleas of Philadelphia County against Think Finance Inc. (formerly ThinkCash), TC Loan Services LLC, Elevate Credit Inc., Financial U LLC and former Chief Executive Officer Kenneth E. Rees. Rees and the companies use an address of 4150 International Plaza, Suite 400, Fort Worth, Texas. Payday loans, which typically charge interest rates as high as 200 or 300 percent, are illegal in Pennsylvania.