Kansas City cash advance tycoon to argue their billion-dollar fine to U.S. Supreme Court

Kansas City cash advance tycoon to argue their billion-dollar fine to U.S. Supreme Court

KANSAS CITY — The U.S. Supreme Court on agreed to hear an appeal by Kansas City payday loan tycoon Scott Tucker that challenges the Federal Trade Commission’s authority to demand restitution, as the agency did in his case when it obtained a $1.3 billion order against him thursday.

Reduced courts have actually released blended views about or perhaps a FTC, a federal watchdog agency, can order individuals and organizations to come back cash they obtained from customers through ripoff schemes.

The Supreme Court consolidated Tucker’s appeal with another case that poses questions that are similar which justices will hear during dental arguments later on in 2010.

“We anticipate appearing towards the Supreme Court that the FTC Act empowers us to totally protect customers by making certain cash unlawfully obtained from them is rightfully came back,” said FTC basic counsel Alden Abbott in a written declaration.

Tucker and a few business entities linked with their payday financing operation had been sued by the FTC in 2012 after a study that began decade previously.Continue reading