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U.S. judge says racecar driver, others owe $1.27 billion in payday case
Source: Reuters
U.S. | Mon Oct 3, 2016 | 4:33pm EDT
U.S. judge says racecar driver, others owe $1.27 billion in payday case
By Jonathan Stempel
A federal judge in Nevada said professional racecar driver Scott Tucker and several of his companies owe $1.27 billion to the Federal Trade Commission after systematically deceiving payday lending customers about the cost of their loans.
In a decision late on Friday, Chief Judge Gloria Navarro of the federal court in Las Vegas, Nevada said Tucker was "specifically aware" that customers often did not understand the terms of their loans, and was at least "recklessly indifferent" toward how those loans were marketed.
"Scott Tucker did not participate in an isolated, discrete incident of deceptive lending, but engaged in sustained and continuous conduct that perpetuated the deceptive lending since at least 2008," Navarro wrote.
The judge also barred Tucker from engaging in consumer lending.
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U.S. judge says racecar driver, others owe $1.27 billion in payday case
By Jonathan Stempel
A federal judge in Nevada said professional racecar driver Scott Tucker and several of his companies owe $1.27 billion to the Federal Trade Commission after systematically deceiving payday lending customers about the cost of their loans.
In a decision late on Friday, Chief Judge Gloria Navarro of the federal court in Las Vegas, Nevada said Tucker was "specifically aware" that customers often did not understand the terms of their loans, and was at least "recklessly indifferent" toward how those loans were marketed.
"Scott Tucker did not participate in an isolated, discrete incident of deceptive lending, but engaged in sustained and continuous conduct that perpetuated the deceptive lending since at least 2008," Navarro wrote.
The judge also barred Tucker from engaging in consumer lending.
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Read more: http://www.reuters.com/article/us-usa-paydaylending-lawsuit-idUSKCN12328K
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