Complaint – Minnesota v CashCall

From an article about the suit:

Minnesota regulators are, for the first time, challenging a practice in which an Internet lender is allegedly hiding behind tribal sovereign immunity to skirt state laws.

A lawsuit filed Thursday against California-based CashCall Inc. takes aim at the rent-a-tribe phenomenon, which Attorney General Lori Swanson described in an interview as “an emerging problem” that has come under fire elsewhere.

The complaint, filed jointly by Swanson and state Commerce Commissioner Mike Rothman, accuses CashCall and subsidiaries WS Funding and WS Financial of engaging in an “elaborate ruse” to deceive borrowers and regulators and fleece them with illegally high rates on Internet loans.

A lawyer for the company would only say the lawsuit contains inaccuracies.

Previous coverage about CashCall and Western Sky Financial here.