Minnesota Attorney General Keith Ellison filed a lawsuit against Bridge It, Inc. (doing business as Brigit) for violating Minnesota's payday lending laws. The lawsuit alleges Brigit operates as an unlicensed lender making short-term loans with APRs exceeding 300%, without disclosing rates or complying with state interest caps and disclosure requirements.
The lawsuit seeks to stop Brigit from making unlicensed loans to Minnesotans and to enforce compliance with state payday lending laws, including interest rate caps and disclosure requirements.
In-house legal teams should review vendor agreements with fintech or lending platforms to ensure compliance with state lending laws, particularly interest rate caps and disclosure obligations. Key clauses to examine include: (1) definitions of 'loan' or 'advance' to ensure they are not structured to evade usury laws; (2) repayment terms and automatic deduction authorizations; (3) disclosure obligations for APR and fees; (4) cancellation or extension mechanisms; and (5) representations and warranties regarding licensing and regulatory compliance. Customer-facing terms and conditions should also be audited for clarity on repayment voluntariness and cancellation procedures.
Entity
Bridge It, Inc.
Industry
Financial Services"Bridge It, Inc., doing business as Brigit"
"Brigit is an unlicensed, unregistered, consumer small-loan and consumer short-term lender making a modern, online variation of payday loans"
"Minnesota’s payday lending laws"
"Annual percentage rates Minnesotans pay on Brigit loans regularly exceed 300%, with some exceeding 700%"
"sues to stop unlawful app-based lending"
This press release is about a court temporarily blocking the merger of Warner Bros. Discovery and Paramount Skydance Corporation based on antitrust concerns under the Clayton Act. It is not a privacy-related enforcement action. The Minnesota Attorney General joined a multistate coalition to challenge the merger, and the court granted a temporary restraining order.
$29.6M
Minnesota Attorney General Keith Ellison joined a 48-state coalition in a $29.6 million settlement with generic-drug manufacturer Glenmark to resolve allegations of a widespread conspiracy to artificially inflate and manipulate prices, reduce competition, and restrain trade for numerous generic prescription drugs. The settlement requires Glenmark to cooperate in ongoing multistate lawsuits and implement internal reforms to ensure compliance with antitrust laws.
The Minnesota Attorney General filed a lawsuit against Maduro Distributors, Inc. (doing business as Loon) for illegally manufacturing, distributing, and selling flavored vapes that appeal to minors, using flavors like 'Cotton Candy' and 'Blue Razz Slushy' and kid-friendly characters. The lawsuit also alleges Loon deceptively marketed its products as accepted for FDA approval when they were not. The state seeks a permanent injunction, civil penalties up to $25,000 per violation, restitution, and attorney fees.
Attorney General Ellison and 48 other attorneys general called on the FCC to strengthen rules to cut off scammers' access to legitimate telephone numbers. The coalition is responding to the FCC's proposed rules to combat illegal robocalls and texts, which cost Americans nearly $2 billion last year.
$18.0M
A coalition of 42 state attorneys general reached a settlement with the bankruptcy trustee for 23andMe over a 2023 data breach that compromised the genetic data of 6.9 million customers. The settlement provides $18 million from bankruptcy funds, with Minnesota receiving $514,871, and imposes data security requirements on the successor entity, 23andMe Research Institute.
Minnesota Attorney General Keith Ellison joined a coalition of 12 state attorneys general in filing a lawsuit challenging Paramount's $110 billion acquisition of Warner Bros. Discovery. The lawsuit alleges that the merger violates Section 7 of the Clayton Act by substantially lessening competition in theatrical film distribution and basic cable television channel licensing, threatening higher prices and reduced innovation for consumers.