Sanyo Shinpan Finance Co. was hit by lawsuits filed Friday by borrowers at several courts seeking about 410 million yen in refunds for the alleged excessive interest payments the firm demanded and the disclosure of transaction records.
The 480 plaintiffs in 14 prefectures said Fukuoka-based Sanyo Shinpan violated the interest rate restriction law by charging more than the regulated 15 percent to 20 percent on loans.