MoneyMutual to settle California payday loan suit for $2 million

By Dean Seal (January 27, 2020, 3:57 PM EST) — Payday lender MoneyMutual LLC has agreed to pay no more than $2 million to resolve nearly seven years of civil litigation over allegations that it illegally promoted loans from unlicensed lenders in California borrowers.

The deal submitted Friday to a California federal judge for preliminary approval would pay out $675,000 to a subset of Golden State borrowers who not only received loans from illegal lenders, but also repaid money to those lenders .

This underclass, estimated at around 17,000 members, is a far cry from the estimated 560,000 members of the class certified in February 2016, which included all Californians…

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