Ex-Google Exec’s Co. to pay $ 18.5 million to end payday loan lawsuit

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By Alyssa Aquino (Feb 11, 2020, 5:52 p.m. EST) – Former Google executive financial technology company and tribal corporation to pay $ 18.5 million and write off $ 170 million in past due debt to end lawsuit proposed collective, alleging that they imposed a salary on consumers. loans at exorbitant interest rates.

A group of people filed the proposed class action lawsuit in Virginia federal court in April over short-term loans with interest rates of up to 460%. In the lawsuit, the group accused former Google chief information officer Douglas Merrill and the company he founded, ZestFinance Inc., of linking up with a North Dakota tribe to hide behind his sovereign immunity when issuing loans …

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