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Court Approves Eagle Loan Interest Rate Settlement

On December 18, 2015, Hon. Sandra S. Beckwith of the United States District Court for the Southern District of Ohio granted final approval to a settlement agreement establishing a $500,000 fund to compensate borrowers who were charged interest at a rate exceeding 21% as defined by Ohio Revised Code 1321.51(E).  Plaintiff, represented by Goldenberg Schneider and Minnillo & Jenkins, LPA, alleged that Eagle Financial Services, Inc., d/b/a Eagle Loan Company of Ohio, Inc. (“Eagle Loan”) routinely issued loans that violate the Ohio Mortgage Loan Act (Ohio Revised Code § 1321.51 et seq.) by charging and collecting interest in excess of the rate permitted by Ohio law. See Adams. V. Eagle Financial Services, Inc., S.D. Ohio No. 1:14-cv-00656-SSB.

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