A recent lawsuit has brought to light the controversial lending practices of a financial company accused of making usurious loans. On January 17, 2025, Kristen Cairo filed a complaint in the United States District Court for the Northern District of Illinois against Bankers Healthcare Group, LLC. The lawsuit alleges that the defendant engaged in unlawful lending practices by issuing high-interest loans under false pretenses.
According to the complaint, Kristen Cairo, a radiology technician from Channahon, Illinois, was approached by Bankers Healthcare Group with an offer for a loan in late 2021 or early 2022. The plaintiff claims she was misled into accepting a loan documented as a "business loan" despite her clear communication that she was not engaged in any business activities. The complaint details how the defendant labeled Cairo as a "sole proprietor" to circumvent Illinois' consumer protection laws and avoid reporting the loan on her personal credit report. This alleged deception led to Cairo receiving a loan with an annual percentage rate of approximately 26.9%, far exceeding the state's legal limit of 9% for unlicensed lenders.
Cairo's legal action is grounded on several counts: violations of the Illinois Interest Act, Consumer Installment Loan Act (CILA), and Consumer Fraud Act. She argues that Bankers Healthcare Group knowingly issued loans at unlawfully high interest rates without proper licensing and used deceptive practices to disguise these loans as business transactions. The plaintiff seeks statutory damages under these acts, including $86,967.12 minus any unpaid principal under the Illinois Interest Act and nullification of her loan under CILA due to its illegality.
The case highlights significant accusations against Bankers Healthcare Group's business model and its compliance with state laws. Plaintiff's attorney Daniel A. Edelman emphasizes that this is not an isolated incident but part of a pattern where similar allegations have been made against the defendant in previous litigations, such as Flowers v. Bankers Healthcare Group, LLC.
Cairo seeks compensatory and punitive damages along with attorney’s fees and litigation expenses from the court. Her legal team argues that these reliefs are necessary due to substantial injury inflicted upon consumers like her through deceptive lending practices that violate public policy and consumer protection laws.
Representing Kristen Cairo are attorneys Daniel A. Edelman, Tara L. Goodwin, and Caileen M. Crecco from Edelman Combs Latturner & Goodwin LLC based in Chicago, Illinois. The case is being heard by Judge [Name] under Case ID: 1:25-cv-00586.