Outside Publication

Parties Settle Midland Funding Interest Rate Litigation, The Banking Law Journal

June 2019

In this column, partners Susan DiCicco and David Monteiro discuss a motion for preliminary approval of a settlement of the action in the Midland Funding case. In 2015, the original ruling that nonbank assignees of a national bank did not get the benefit of National Bank Act “preemption” permitting lenders to charge any interest rate provided it does not exceed the rate permitted in the bank’s home state stunned the financial community.

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