Credit Acceptance Corp., one of the nation’s largest auto lenders to people with low credit scores, was slapped with a lawsuit from Massachusetts on Monday. The suit, which was brought by the office of Massachusetts Attorney General Maura Healey, alleges that the lender defrauded as many as 24,000 borrowers over a six-year period in the state, and seeks as much as $120 million in damages.

“This company made unaffordable and illegal loans to borrowers, causing them to fall into thousands of dollars of debt and even lose their vehicles,” Healey said in a statement. “We are taking a close look at this industry and we will not allow companies to profit by violating our laws and exploiting consumers.”

Banks rake in PPP fees


Shares of the company plunged nearly $73, or 16%, to just under $387 on the news of the lawsuit.  

According to the suit, Credit Acceptance raked

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TikTok’s Chinese owner is proposing to settle consumer privacy litigation that has exposed it to hundreds of millions of dollars in damages as the video-streaming app prepares for a possible acquisition under threat of being shut down in the US over national security concerns.

Lawyers for ByteDance Ltd and consumers have reached a settlement in principle, subject to certain conditions, to resolve claims that the app unlawfully records facial-scan images of children and sends confidential information about adult users to China, according to a filing in Chicago federal court. The attorneys said they plan to file a final settlement proposal within 90 days.

The hitch

But there is a wrinkle: The deal could be scuttled because attorneys representing consumers in California are complaining that they were left out of the settlement talks.

As it tries to resolve the 19 class-action lawsuits, TikTok’s owner has been under a cloud of suspicion

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