A group of so-called merchant cash advance companies accused in a lawsuit of operating a predatory lending enterprise lost a tactical maneuver to force hundreds of small-business owners to fight them one-on-one.
The borrowers signed loan agreements that included provisions barring them from participating in class-action lawsuits.
But those waivers, along with the rest of the contracts, may be void if their terms are found to violate New York’s lending laws, as the borrowers allege, US District Judge Jed Rakoff in Manhattan ruled Wednesday.
A lawyer for the lenders, Jordana Haviv, said the judge’s ruling reflected “an extremely plaintiff-friendly standard.” ...
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