Wisconsin strikes again

If you’re an Internet lender in Wisconsin, you better keep your head on a swivel.

Although Arrowhead Investments admits to no wrong doing, they settled the class action law suit. The agreed to forgive all the debt and pay back $180k.

“The Justice Department said approximately 1,300 consumers could receive relief. The settlement covers Wisconsin consumers who received a loan from Arrowhead Investments between Dec. 1, 2001, and Dec. 21, 2007, and who paid more than their principal loan amount to Arrowhead. They will receive a cash payment.

Arrowhead will also close all outstanding loans with a zero balance, totaling more than $432,000 in loan, cost and fee forgiveness, and also agreed to no longer solicit loans to Wisconsin consumers for five years, among other settlement provisions.”

You can read the full article in BizJournals.

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