The Michigan Supreme Court confirmed that excessive, illegal interest rates cannot be collected even if the loan document includes a clause stating that any of the fees and charges connected to the transaction should not be construed as illegal interest. This opinion has made it abundantly clear that an interest rate for a loan in Michigan that exceeds the statutory limit of 25 percent is still illegal and impermissible, even if those costs are not labelled as interest.
Read MoreDonald Trump on Monday appealed a judge's ruling that the former U.S. president must pay $454 million in penalties and interest for fraudulently exaggerating his net worth and the values of his real estate holdings to secure better loan terms.
Read MoreThe case highlights ongoing legal risks in the cryptocurrency space. Many early Bitcoin adopters financed their crypto holdings through high-risk investment schemes or paid others to mine on their behalf, with rewards to be shared. But without clear written agreements, it can be difficult to later prove the existence of a binding contract if disputes arise. Additionally, Bitcoin and other digital assets remain unregulated, so activities like using crypto for online gambling exist in a legal gray area. As the industry continues to mature, more definitive laws and regulations are needed to better resolve these types of contractual and consumer protection issues.
Read MoreThe Eleventh Circuit Court of Appeals recently confirmed school officials’ governmental immunity in a Fourth Amendment challenge to a search of one high school student’s cell phone.
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Lawyers for the Trump administration went back to the Supreme Court again late Friday in the ongoing battle over President Donald Trump's travel ban -- this time asking the justices to resolve the uncertainty created by last month's ruling on which foreign nationals are exempt from the ban.
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