Op risk data: Payday lender Skytrail sees $1.4bn disappear
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July’s largest loss leaves the rest in its wake. Payday lender Skytrail Servicing Group agreed to pay $1.44 billion to settle claims that it had applied usurious interest rates of up to 700% against short-term loans to members of a federally recognised Native American tribe.
Skytrail and other non-tribal lenders provided a cut of their revenues to officials and employees of the Lac du Flambeau Band of Lake Superior Chippewa Indians, in exchange for tribal sovereign immunity and operating as the
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