10th Circuit Affirms Dismissal Of Credit Card Interest Class Action

10th Circuit Affirms Dismissal Of Credit Card Interest Class Action

DENVER - The 10th Circuit U.S. Court of Appeals on Oct. 24 affirmed the dismissal of a putative class action alleging that Target National Bank committed usury by charging more than the 7 percent maximum interest rate found in the National Banking Act (NBA), noting that a U.S. Supreme Court ruling does not require that the "maximum permitted rate" must be a specific numerical maximum rate (Marie T. Giannangeli v. Target National Bank N.A., No. 12-1344, 10th Cir.; 2013 U.S. App. LEXIS 21602).

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