Bonnie Bernhardt is proud to have helped nearly 400 Wisconsin residents get back some of their money from an online lender that state attorneys say overstepped its bounds.
The 43-year-old single mother from Verona was the lead plaintiff in a lawsuit filed two years ago against online payday lender Arrowhead Investments. After an out-of-court settlement to the class action lawsuit was approved earlier this month, Bernhardt and the others will split $100,000 in restitution. Another $432,000 in outstanding loans will be closed out and forgiven by Arrowhead, and the Delaware-based company is also barred from doing business in Wisconsin for five years.
Quoted: Sarah Orr, director of the Consumer Law Litigation Clinic at the University of Wisconsin Law School.