Wis. Lending Biz Lies About Tribal Holdings, Suit Says

By Lauraann Wood (July 15, 2022 at 7:12 p.m. EDT) — An Illinois borrower on Friday targeted a Wisconsin lender in a proposed class action lawsuit alleging the company falsely claims it is owned by a Native American tribe while engaging in a predatory lending business at interest rates in excess of the state’s legal maximum.

Borrower Joseph Morgan’s federal lawsuit alleges that West Side Lending LLC provided Illinois residents with loans at interest rates ranging from 630% to 780% by listing an “elaborate charade” by which it purported to be owned and controlled by the Menominee- tribal of Wisconsin and therefore isolated by state immunity from the state’s legal limits.

So-called tribal lenders like…

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