We have been following the Madden v. Midland Funding case as it makes its way through the court system. Yesterday,...
Yesterday, I attended the second annual Online Lending Policy Summit in Washington DC. It was headlined by the Acting head of the...
We have been covering the Madden issue for several years here on Lend Academy (the full list of coverage is...
The Madden v. Midland case has been a closely followed case for over two years by the marketplace lending industry; bills are now being introduced to hopefully fix the ambiguity around the case; Lend Academy shares the history of the case and perspectives from Adam Levitin, professor of law at Georgetown University, Nat Hoopes, executive director of the Marketplace Lending Association, and Brian Korn, partner at the law firm Manatt, Phelps & Phillips. Source
The Madden v. Midland case has been a topic many lenders have been following closely for over two years. Our...
The Madden saga has been plaguing the marketplace lending industry for years now. We have covered this issue on Lend...
[Editor’s note: This is a guest post from Brian S. Korn, a Capital Markets Partner at the law firm Manatt, Phelps & Phillips,...
American Banker has published a rebuttal to a recent article about the “Madden fix bill” by Steve Astrada; article discusses how the bill will increase access to credit and benefit customers instead of increasing predatory lending; it also shares the consequences of the Madden decision and reviews the details of the case. Source
The US District Court for the Southern District of New York issued a decision in Madden v. Midland Funding, LLC; in determining whether New York or Delaware law governed the contractual relationship of the parties, the judge ruled that applying Delaware law would violate usury policies in New York which limit interest to 25% per year. Source
The issue of “true lender” has been one that has dogged the marketplace lending industry virtually since its inception. When...