Investors sue Pawnshop Co. after CFPB enforcement action

By Emilie Ruscoe (January 18, 2022, 6:13 PM EST) – Pawnbroker FirstCash Holdings Inc. and two of its executives are facing allegations from investors that they injured shareholders after the CFPB charged the company for violating federal laws protecting service members and their families from unfair lending practices.

In a lawsuit filed Friday in Texas federal court, the Genesee County Employees’ Retirement System claimed that the US Consumer Financial Protection Bureau’s November 2021 enforcement action against FirstCash caused the company’s stock price to plummet. nearly 30% in one month.

According to the pension fund, FirstCash told the public it was in compliance with military loan laws, but the CFPB charges…

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