NY Attorney General Sues Cash-Advance Lender Yellowstone Capital for $1.4B Over Predatory Loans Up to 820% Interest
• New York Attorney General sued Yellowstone Capital, a cash-advance operation, for issuing predatory, high-interest loans up to 820% to small businesses • Lawsuit alleges Yellowstone rebranded itself as Delta Bridge to continue illegal lending after facing investigations in 2021 • Manhattan eatery City Bakery paid over $2,000 a day under one of Yellowstone's loans and eventually shut down • New York AG seeks over $1.4 billion for impacted small businesses and lifetime industry ban for Yellowstone co-founder David Glass • Prior to lawsuit, NY AG reached $27M settlement with Yellowstone in New Jersey and $3.37M in settlements with 5 other individuals