Posted May 03, 2007 12:15 pm CDT
Rent-A-Center Inc. will pay $109 million to settle a suit that claims its rent-to-own contracts violate New Jersey usury laws.
The lead plaintiffs counsel, Seth Lesser of the Locks Law Firm in New York City, told the New Jersey Law Journal that the estimated 100,000 class action plaintiffs will each receive about $800 on average.
Name plaintiff Hilda Perez had sued the Plano, Texas, company after it filed a small claims suit against her for stopping payments on a contract to pay more than $18,000 for items worth about $9,300. Perez had stopped making payments after paying about $8,100.