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RICO › Department of Financial Protection and Innovation (DFPI) › Financial Services Industry

Ballard Spahr LLP

Ninth Circuit: Arbitration clause prevails in “true lender” challenge against OppFi

Ballard Spahr LLP on

In a recent unpublished memorandum opinion in a putative class action, Carpenter et al. v. Opportunity Financial, LLC, the U.S. Court of Appeals for the Ninth Circuit upheld an arbitration clause in an agreement governing...more

Ballard Spahr LLP

OppFi Hat Trick: Third Federal Court Upholds Arbitration Clause

Ballard Spahr LLP on

Earlier this month, in Fama v. Opportunity Financial LLC, a Magistrate Judge of the federal district court for the Western District of Washington held that the arbitration provision in OppFi’s installment loan agreement is...more

Sheppard Mullin Richter & Hampton LLP

FinTech Prevails in Texas “True Lender” Challenge

Sheppard Mullin Richter & Hampton LLP on

On January 11, 2023, a Texas federal court dismissed a class action lawsuit against a leading financial technology company alleging it violated Texas usury laws by charging interest on loans it made through a partnership with...more

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