Payday Pundit

We don’t know enough about the case to comment, but we thought this story about two law students leading a class action against an Internet lender was interesting: 

Aspiring attorneys Nicholas Watt and Meredith Gray spent a good portion of their summer literally dotting i’s and crossing t’s.

As enrollees in the current session of the University of Wisconsin Law School’s Consumer Law Litigation Clinic, Watt and Gray recently helped draft one of the more substantial settlements in the 17-year history of the program.

The two first-year law students, under the tutelage of supervising attorney Sarah J. Orr, helped attain a preliminary settlement in a class-action suit against online payday lender Tremont Financial, LLC.

“I’ve never been one for details,” said Watt. “But this really forced me to make sure every word was perfect because of its impact.”

As stipulated in the July 25 ruling by Dane County Circuit Court Judge Sarah B. O’Brien, Tremont could be responsible for $60,000 in restitution to an estimated 137 Wisconsin residents who entered into loan contracts that the clinic alleges are in violation of the Wisconsin Consumer Act.