FirstCash Holdings, Inc.
Investors that purchased the Company’s securities and have suffered a loss, please fill in transaction information below, or email to info@portnoylaw.com.
There is no cost or obligation associated with submitting your information. If you are a shareholder who suffered a loss, please submit your contact information and purchase information to participate in the putative class action.
We also encourage you to contact Lesley F. Portnoy of The Portnoy Law Firm, at 310.692.8883, to discuss your rights free of charge. You can also reach us through the firm’s website at www.portnoylaw.com, or by email at info@portnoylaw.com.
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CONTACT:
Portnoy Law Firm
Lesley F. Portnoy, Esq.,
www.portnoylaw.com
Office: 310.692.8883
1800 Century Park East, Suite 600
Los Angeles, CA 90067
info@portnoylaw.com
The Military Lending Act (“MLA”) provides protections for active-duty service members and their dependents in connection with the extension of consumer credit. In November 2013, Cash America International, Inc. (which subsequently merged with FirstCash) entered into a Consent Order with the Consumer Financial Protection Bureau (“CFPB”) for making loans to covered members of the military or their dependents in violation of the MLA (the “Order”).
Then, on November 12, 2021, the CFPB announced that it had filed a complaint against FirstCash for violations of the MLA and the Order. Specifically, the complaint alleged that “between June 2017 and May 2021 (the only period for which the Bureau currently has Defendants’ transactional data), [FirstCash and its subsidiary Cash America West, Inc.] together made over 3,600 pawn loans to more than 1,000 covered borrowers in Arizona, Nevada, Utah, and Washington.” The CFPB found that, in all of the loans at issue, FirstCash imposed interest rates over 36%, with rates frequently exceeding 200%. Additionally, the CFPB found that FirstCash’s usurious loan practices had been ongoing since at least October 2016 in violation of the Order. A CFPB release describing the agency’s action against FirstCash stated that FirstCash had “cheated” and “gouged” military families and “robbed them of their rights to go to court.”
