Usury claimed in Ivy League suit
From Times Wire Reports
Harvard, Yale and Princeton universities’ endowments are being accused of backing a loan with 42% interest, twice the legal limit, according to a lawsuit filed by a developer who borrowed the money.
The three Ivy League schools, along with three other universities and two foundations, are named in a civil complaint in state court in Boston alleging they violated a law aimed in part at loan sharks, who make loans with excessive interest rates backed by threats of violence.
More to Read
Start your day right
Sign up for Essential California for news, features and recommendations from the L.A. Times and beyond in your inbox six days a week.
You may occasionally receive promotional content from the Los Angeles Times.