Eagle Loan Litigation
On December 18, 2015, Hon. Sandra S. Beckwith of the United States District Court for the Southern District of Ohio granted final approval to a settlement agreement establishing a $500,000 fund to compensate borrowers who were charged interest at a rate exceeding 21% as defined by Ohio Revised Code 1321.51(E). Plaintiff, represented by Goldenberg Schneider and Minnillo & Jenkins, LPA, alleged that Eagle Financial Services, Inc., d/b/a Eagle Loan Company of Ohio, Inc. (“Eagle Loan”) routinely issued loans that violate the Ohio Mortgage Loan Act (Ohio Revised Code § 1321.51 et seq.) by charging and collecting interest in excess of the rate permitted by Ohio law. See Adams. V. Eagle Financial Services, Inc., S.D. Ohio No. 1:14-cv-00656-SSB.