Minnesota Attorney General Lori Swanson sued an Edina-based debt collector called Bradstreet & Associates, LLC for charging interest at a rate that I'm pretty sure would get you flensed in the Old Testament. According to the Star Tribune:
State Attorney General Lori Swanson on Wednesday sued Plymouth-based Bradstreet & Associates LLC for illegally collecting on old checking account debts that Wells Fargo & Co. and U.S. Bancorp had sold off. Much of the old debt is bank fees, the AG’s office said.
This is funny, but like inside joke-y funny, and I'll tell you why. I litigated a case against Bradstreet once upon a time for violation of the Fair Debt Collection Practices Act when collecting a past-due overdraft/bank fee debt more or less exactly like this one. The FDCPA, I should point out, only governs "consumer debts." Bradstreet's lawyer argued that, because overdraft fees were not a debt that a consumer is lent but a penalty that they suffer for overdrafting, the debt wasn't a "consumer debt" at all and thus the FDCPA didn't apply. The case settled completely beside this argument. But now would you look at that! The attorney general seems pretty darn convinced Bradstreet was collecting illegally on an unknown number of accounts the whole time. Isn't that the stuff of miracles.
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