In a class action lawsuit filed in the United States District Court for the Middle District of North Carolina, plaintiff Bronal Gary has accused several individuals and entities associated with the Rosebud Sioux Tribe of operating an illegal “rent-a-tribe” lending scheme. The lawsuit alleges that these defendants exploited tribal sovereignty to circumvent state usury laws by issuing high-interest loans far exceeding legal limits. The complaint details how non-tribal payday lenders partnered with the tribe to offer loans at exorbitant rates, such as a 1095% interest rate on a $500 loan to Mr. Gary, violating North Carolina’s 8% cap. The case seeks damages under the Racketeer Influenced and Corrupt Organizations Act (RICO) and other state laws.
Source: 125cv01044_Gary_v_Knife_Complaint_Middle_District_North_Carolina.pdfBronal Gary is suing Kathleen Wooden Knife for operating an illegal rent-a-tribe lending scheme involving high-interest loans that violate state usury laws
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