Cash America refunding millions to Ohio customers
Fort Worth-based Cash America Inc., the nation's largest operator of pawn shops, said some court documents related to loan collections in Ohio were not properly prepared, and as a result it will voluntarily make refunds to about 14,000 customers in the state. It put the cost of the reimbursements and related expenses at about $13.4 million.
"While the company believes the filed documents accurately depict the existence and amount of the debts owned to the company under consumer lending contracts, the preparation and filing of these documents did not always comply with certain court rules," the company said in a prepared release. It said it will file to dismiss existing cases, terminate collection activities stemming from court judgments, seek to vacate judgments and notify credit bureaus of the changes. "While Cash America is taking these actions proactively, it could still be subject to other liabilities, and additional changes in its business practices may also be required.
-- Jim Fuquay