In a disappointing move, the Supreme Court on Monday denied the petition by Midland Funding to hear the case Madden v. Midland Funding.
But could the decision by the Supreme Court be much ado about nothing?
The denial leaves in place the decision of the U.S. Court of Appeals for the 2nd Circuit that the National Bank Act does not provide a shield against state law usury claims even though the loan, as originated by a national bank, was not usurious. Despite the strong objections of industry lobbying forces, the Supreme Court denied hearing the case, a move that was made less surprising when the solicitor general failed to support the cert petition despite being openly critical of the decision on the merits.
Read the article here.