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Consumer Law : Credit Card Debt – Compound Interest – Minnesota Law
Stephanie Maniscalco//July 25, 2018//
Consumer Law : Credit Card Debt – Compound Interest – Minnesota Law
Stephanie Maniscalco//July 25, 2018//
Listen to this articleWhere a credit card debtor brought an action claiming that a lawyer impermissibly tried to collect compound interest that was not allowed under state law, even though the debtor was also a lawyer, the defendant did not contest the holding that the unsophisticated-consumer standard applied, and the false representation of the amount of a debt was a material violation of the law, so the judgment is reversed and remanded.
Judgment is reversed and remanded.
Coyne v. Midland Funding LLC (MLW No. 71880/Case No. 17-2826 – 7 pages) (U.S. Court of Appeals, 8th Circuit, Arnold, J.) Appealed from U.S. District Court, District of Minnesota, Magnuson, J. (Anthony Patrick Chester, Minneapolis, argued for appellant) (Derrick Neal Weber, Plymouth, Minnesota, argued for appellee).
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