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Stock impact report

OneMain Faces Multi-State Lawsuit Over Alleged Hidden Loan Costs [Yahoo! Finance]

OneMain Holdings, Inc. (OMF) 
Last onemain holdings, inc. earnings: 4/27 04:30 pm Check Earnings Report
US:NYSE Investor Relations: investor.onemainfinancial.com
Company Research Source: Yahoo! Finance
Shares of OneMain Holdings, Inc. OMF lost 5.4% yesterday after a coalition of state attorneys general filed a lawsuit against the firm, alleging deceptive lending practices that increased borrowing costs for consumers. OMF Alleged of Deceptive Add-Ons A bipartisan group of 13 state attorneys general accused OneMain of steering borrowers toward costly add-on products, including credit insurance and membership services similar to AAA. According to the complaint, these products were often presented as necessary or beneficial, with misleading explanations regarding their cost, necessity, and cancellation terms. The lawsuit claims that, in some cases, these add-ons were included without borrowers' full knowledge, while others were rushed through the loan closing process without adequate time for review. Additionally, OneMain allegedly failed to verify whether borrowers already had similar services, further inflating loan costs unnecessarily. The attorneys general argue that these Show less Read more
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