Home > Settlements > Rewards Network Inc. Loan Shark Class Action Settlement
Rewards Network Inc.
August 3 2007
Dallas, TX: (Aug-03-07) A class action lawsuit was brought against Chicago-based Rewards Network Inc., accusing it of running a loan sharking scheme by structuring deals that had in some cases, restaurants paying an annual interest rate of 419%. The suit, filed in the US District Court of the Central District of California, reached a settlement in which the company agreed to pay $30 million to resolve allegations. Publicly traded Rewards Network, which offers cash advances along with marketing, customer demographic data, and listings in an online restaurant directory, agreed that it was acting lawfully and settling was the right thing to do. Legal counsel stated that the settlement is worth about $64 million, once payments that Rewards Network would have received from the California merchants covered in the settlement, are added in.
[DALLAS NEWS: LOAN SHARK]
My restaurant has been a member of Rewards Network since Dec 2019 every month they debit funds from my account since their funds are in the $15-$40 dollar range I didn't pay much attention until this last month they debited $491 from my acct, now they have said that it was an error and that this issue had never occurred that they will reimburse me the amount and a bit more and I may cancel, but looking into my acct they have received nearly $4,000 dollars from my business these last 2 years and I have yet to see if this was all a mistake too.
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