Fintech Lender wants Texas usury lawsuit sent to arbitration

By Katryna Perera (June 29, 2022, 5:31 PM EDT) – Fintech lender Opportunity Financial LLC has asked a Texas federal judge to send a potential class action lawsuit alleging usury law violations to arbitration, saying that the plaintiff had agreed to arbitrate claims under the promissory note on his loan.

The company, which goes by the name of OppFi, filed a motion on Monday to compel arbitration against claims brought by plaintiff Kristen Michael. In its lawsuit filed in June, Michael alleged that OppFi sought to evade Texas usury laws by using a “rent-a-bank” program that the company’s own public filings identified as a potential problem.

OppFi argued in its Monday motion that the lawsuit…

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