There have been several class action lawsuits filed against Tower Loan of Mississippi, Inc., alleging a variety of predatory lending practices. These lawsuits have been consolidated into a multidistrict litigation (MDL) in the U.S. District Court for the Northern District of Mississippi.
Key Allegations in the Lawsuits
- Tower Loan engaged in a pattern of lending practices that targeted vulnerable borrowers, including low-income individuals and minorities.
- Tower Loan charged excessive interest rates and fees.
- Tower Loan engaged in deceptive and misleading marketing practices.
- Tower Loan failed to adequately disclose the terms and conditions of its loans to borrowers.
Current Status of the Lawsuits
The Tower Loan class action lawsuits are currently ongoing. Discovery is ongoing, and a trial date has not yet been set.
Implications of the Lawsuits
The Tower Loan class action lawsuits could have significant implications for the company. If the plaintiffs prevail, Tower Loan could be ordered to pay millions of dollars in damages to borrowers and could be forced to change its lending practices.
Recommendations for Borrowers
- Be aware of the risks of predatory lending.
- Shop around for loans before borrowing from any lender.
- Read the terms and conditions of your loan carefully before signing.
- Seek legal advice if you believe you have been the victim of predatory lending.
Conclusion
The Tower Loan class action lawsuits are an important reminder of the risks of predatory lending. Borrowers should be aware of these risks and should take steps to protect themselves.
