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Madden v. Midland Funding, LLC

237 F. Supp. 3d 130 (2017)

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Madden v. Midland Funding, LLC

United States District Court for the Southern District of New York

237 F. Supp. 3d 130 (2017)

Facts

Saliha Madden (plaintiff), a New York resident, opened a credit card with Bank of America in April 2005 with an annual percentage rate of 32.34 percent. In August 2006, Madden was notified that a new entity would be administering the credit card and received a change in terms stating that beginning in October 2006, her cardholder agreement would be governed by Delaware law. In November 2010, Midland Funding, LLC (Midland) (defendant), a debt collector, purchased Madden’s outstanding debt of $5,291.25. In May 2011, Midland sued Madden in state court in New York to collect the debt. The case was later dismissed, and Madden filed suit against Midland in federal district court in New York, asserting several claims stemming from Midland’s attempts to collect interest on her debt that violated New York usury laws. New York’s civil usury cap prohibited interest rates of more than 16 percent on debts that were not in default, and New York’s criminal usury cap made charging more than 25 percent interest a felony. Delaware did not have a usury law, and creditors could charge any interest rate. Midland moved for summary judgment, arguing that because the cardholder agreement had a Delaware choice-of-law clause, Madden’s claims failed as a matter of law.

Rule of Law

Issue

Holding and Reasoning (Seibel, J.)

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