West Palm Beach, FL: (Jun-04-07) A class action lawsuit was filed against The Check Cashing Store, alleging that the company violated Florida laws by charging more than the legally permitted maximum interest rate on the loans it gave out to its customers. John Cardegna, a Check Cashing Store customer, filed the lawsuit in Palm Beach County Circuit Court in May 2000. The store, which has locations in Broward, Miami-Dade and Palm Beach counties denied the allegations, but agreed to enter into a settlement agreement to resolve the more than 70,000 claims against it.
As part of the settlement, the store agreed to pay $7 million into a fund. If the settlement is approved by the arbitrator and the court, it will resolve the claims of those individuals who entered into deferred presentment transactions, also known as payday loans, with The Check Cashing Store prior to September 30, 2001. [BROWARD TIMES: LOAN INTEREST]
Interested parties can call 1-800-466-8904, or go to the settlement Web Site at: www.ccssettlement.com.
