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Letter: Lawsuit lending a form of legal loan sharking

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Your May 2 editorial got it right when you called certain check-cashing operations "legal loan sharks." But there is another form of loan sharking that is legal in New York: lawsuit lending. Proponents call such loans "non-recourse third party litigation financing." Disguising loans as investments, lenders charge more than 100 percent interest.

Gov. Andrew Cuomo and Superintendent Benjamin Lawsky deserve praise for their stance against predatory lending. As long as lawsuit lending is legal, there are sharks in the water.

Tom Stebbins

Executive director

Lawsuit Reform Alliance

of New York


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