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10-02-2015, 12:25 PM #3
Doesn't surprise me that Jeremy is leading the charge. Expect Sheinbaum to be right behind him soon enough
In May, a unit of marketplace lender Rapid Advance, which is controlled by Quicken Loans founder Dan Gilbert, filed suit in Delaware court against cash-advance lenders affiliated with Everest Business Funding, alleging that they made follow-on loans to a Rapid Advance customer that later filed for bankruptcy.
Robert Smith, a lawyer for Everest, said he couldn’t comment on a matter in litigation, but in a filing he has denied the allegations that Everest acted improperly and has moved to dismiss the complaint. The judge hasn’t ruled on that motion.
Patrick Siegfried, assistant general counsel of Rapid Advance, said the suit aims to construct a legal barrier to lenders and borrowers piling loans on top of other ones, a practice some in the industry describe as stacking. “We’re doing it to establish the precedent,” said Mr. Siegfried. “This kind of thing is happening more and more.”
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