N.J. firm sues AG Eric Schneiderman over allegations of issuing illegal high interest loans to 9/11 victims awaiting settlements

RDL Legal Funding, LLC, and RD Legal Funding Partners, is a New Jersey company that allegedly charged exorbitant interest rates to 13 sick recovery workers and survivors for cash advances made while awaiting lawsuit settlements. The companies are now suing New York’s attorney general after he ordered the firm to repay $1.6 million to the people they charged, reports Barbara Ross in the New York Daily News.

Attorney General Eric Schneiderman says that loans were made to the 13 victims of the World Trade Center terrorist attack and that the rates charged are usurious and in violation of NY law.

RDL Legal Funding, LLC, and RD Legal Funding Partners maintain through their lawyers that they made purchases of future settlements, not loans, and that they were justified in charging 67% interest rates.

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