Federal Judge: Arbitration Clause In Tribal Lending Agreement Is Unenforceable

(August 11, 2023, 10:43 AM EDT) -- CHICAGO — An arbitration provision in a lending agreement that allegedly contains a 775.30 percent interest rate and was signed by a “rent-a-tribe” lending operation is unenforceable under the prospective waiver doctrine and because the agreement is “substantively and procedurally unconscionable,” an Illinois federal judge held in denying the lending company’s motion to compel arbitration....