FTC V. AMG CAPITAL MANAGEMENT, LLC | $1.3B award upheld against racecar driver Scott Tucker over payday loans

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FTC V. AMG CAPITAL MANAGEMENT, LLC | $1.3B award upheld against racecar driver Scott Tucker over payday loans

FTC V. AMG CAPITAL MANAGEMENT, LLC | $1.3B award upheld against racecar driver Scott Tucker over payday loans

Prosecutors have said he made billions of dollars by exploiting financially struggling Americans, charging illegal interest rates that sometimes exceeded 1,000 percent.

NBC-

A U.S. appeals court on Monday upheld a nearly $1.3 billion award against a pro racecar driver who was sent to prison following a conviction for cheating consumers through his payday loan businesses.

Information Scott Tucker’s companies provided consumers did not accurately disclose the loans’ terms, a unanimous three-judge panel of the 9th U.S. Circuit Court of Appeals ruled.

The judges also said a lower court did not abuse its authority when it ordered Tucker and other defendants to pay back nearly $1.3 billion.

[NBC]

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