Bethenny Frankel‘s married boyfriend, Dennis Shields, CEO of, Plantiff Funding Corp (dba LawCash) has been criticized in the past for shady business dealings involving high interest rate “lawsuit funding” which is really loans for Plaintiff’s.. Get the details below..
Don’t worry: We will comment on the sheer hypocrisy regarding Bethenny Frankel dating her (former) high school friend, Jill Schwartzberg , husband, Dennis Shields, in our next installment of, Can Bethenny Frankel Handle The Truth?, right now we are going to alert our readers about a tip that came in regarding Bethenny’s new man.
On to Dennis Shields..
Dennis Shields bragged as a guest speaker at, LB Entrepreneur Program that he owns and or sits on the board(s) of 17 different companies. Today, Reality TV Scandals, is going to focus on a company called: LawCash, founded by Dennis Shields who happens to be married and dating Bethenny Frankel.
What is LawCash?
LawCash is a company that will lend plaintiffs money until their settlement and or “award” is paid. LawCash explains it this way;
LawCash has two locations; one in Florida and one in New York.
LawCash loans money to Plaintiffs in cases involving Auto Accidents, Slip and Fall on Premises, Labor Law, Medical Malpractice and Personal Injury according to LawCash’s website on a section, “For Plaintiffs”.
Sounds like a good company, right? No. According to our research, LawCash is another cash cow high interest loan shark program disguised being an “investment” or “lawsuit funding” company that takes advantage of the low income population and middle class by using plaintiffs who had to sue because they were injured-or-for whatever reason and have no risk of losing the lawsuit. LawCash and companies alike disguises these suits as “high risk” despite being no risk. Let’s say the Plaintiff was in a car accident and it was the other drivers fault, there are witnesses and the Plaintiff was injured; the other driver has insurance, being insurance companies like to play around and even after a Plaintiff is awarded money–sometimes it can still take up to a year or two until they see their money. This is where LawCash come in.
People who don’t have money sitting in the bank and who are not financially well off; often when injured; their bills pile up and go unpaid.. so they go to companies like LawCash despite their attorney telling them, not to go to them.
“It looks like a loan and smells like a loan..” — John Suthers, Former Colorado Attorney General
What is wrong with companies like LawCash owned by Dennis Shields ?
Not only does Bethenny Frankel‘s boyfriend, Dennis Shields who is the CEO of LawCash, charge outrageous interest fees on these so called, “high” risk cases, Plaintiffs are often charged other fees, such as “admin” or “service” fees..
When Companies like LawCash advertise, they advertise their service and not the fees or percentage they charge.
Companies Like LawCash, Picks Cases That Are Winners
John W. Suthers, former Colorado Allegheny General, filed a lawsuit against LawCash and Oasis Funding in 2011, because companies like LawCash are charging outrageous interest rates. Companies like LawCash owned by Dennis Shields, claim they take a risk by lending or as they call it, “High Risk Funding”because there is a chance the client won’t win and therefore the client won’t have to pay. In essence; LawCash admits to charging outrageous fees, but blames it on taking risks. What companies like LawCash doesn’t tell the community is: they have attorneys scour through the lawsuits to determine the chances would be plaintiffs have at winning a case. On average, companies like LawCash will take 5,000 cases out of 17,000. I can’t say I blame companies like LawCash for only lending money wherein the chance is likely to win, however, I can’t agree more with Robert J. Genis, a personal injury attorney in the Bronx, NY, who told New York Times in 2011,
Complaints: LawCash’s Interest adds up to over 100% a year.
You read that right: She borrowed $10k in early 2004 and then in early 2005, her case settled in April of 2006 and she had to pay them $40,000–that is 400% interest. This is Shameful and Sickening.
A complaint where the interest rate changes monthly.
They originally told me they would loan me 10%.First they loan me $400 now all the figures has changed and I owe amount $18,000 at supposedly 3% interest per month.
When I calculate I calculate $10,000. 2nd time they loan me $500, then $500 again then $1000 and $3500 and finally $500 then they stopped funding me. They told me after I got my surgery they would loan me a lump sum to get a decent place to stay. My attorney at the time told him the case was only worst[sic] $8000 when originally it was worth $100,000.
Is there anything I can do to make them be more reasonable about this.When the case settle i will barely have $5000
LawCash most likely would argue they signed the contract, but according to NYT, often times consumers aren’t able to understand the rates because of the way they are explained and the above complaints are great examples as well as the NYT article has great examples.
And then you have the sick case where a judge blasted Dennis Shields company, LawCash for charging a family from Africa outrageous interest fees when they funded the family to come over from Africa for the trial of the lawsuit of the cop who shot their son. The family wouldn’t say how much they were being charged and I wouldn’t put it past LawCash to make clients illegally sign a clause agreeing to not speak critically of them or not disclose the rates.
LawCash is a Loan. End. Of. Claim. Companies like LawCash Are Picking Winners not High Risk Plaintiffs.
Companies like LawCash gets a check before the Plaintiff gets one, it’s not like the Plaintiff has the option of not paying LawCash back when the check comes in.
The NYT said the same thing our research found; companies alike LawCash pick winners;
LawCash is not taking on “high risk” cases and to be frank, LawCash would be crazy to take on high risk cases. We don’t blame LawCash for not taking on “High Risk” cases. What we are blaming LawCash and companies alike for is; taking advantage of the middle class and poor by charging outrageous interest and other fees on their loans and not calling them, loans.
John W. Suthers agreed there is a need for companies like LawCash, Suthers also echoed companies like LawCash critics by stating the obvious: it’s a loan.
LawCash and other companies that are loan shark companies disguised as “lawsuit funding companies” should be regulated like loan companies because they are loaning money and collect interest fees and do not take high risk cases despite their claims of doing so, judges in cases have also agreed.
According to the NYT, Sharon Anglin Treat, a state legislator and attorney had proposed a law making it so companies like, LawCash would be regulated;
The industry’s pursuit of regulation on its own terms began in Maine in 2007.
Sharon Anglin Treat, a lawyer and state legislator, had proposed a bill making clear that lawsuit lenders were subject to state consumer protection laws. She said she could not understand why the industry should be allowed to charge higher rates than other lenders.
Oasis, LawCash and other companies persuaded other legislators to reverse the intent of the bill, instead making clear that the rules did not apply to lawsuit loans. Both Ms. Treat and Mr. Hirschfeld said the debate turned on the testimony of three Maine residents who had benefited from the loans. “These are powerful companies that have lots of money, and they brought in people with these sob stories,” Ms. Treat said.
Steven Lathrop, a Nebraska trial attorney who kind of sorta supports companies like LawCash says;
There is hope for Victims of Companies like LawCash
If you complain or threaten to take companies like LawCash to go to court after you realize how much companies like LawCash milked you for; the courts found the cases did not have the “risk” and actually found, winners despite what companies like LawCash claimed, therefore, the Plaintiffs who borrowed off these companies did not have to repay the astronomical interest fees. Dimitri Mishivo, a Brooklyn Lender for Alliance Claim Funding, likes to avoid court according to NYT and the Public For Integrity Group, lenders want to avoid scrutiny due to recent rulings;
The only risk LawCash and companies alike are taking is; a judge lowering the interest. It’s important to note: these companies like LawCash claim they do lose money; there is no way to verify these numbers.
As Mr. Harvey Hirschfeld of LawCash says of the company he works for;
Bethenny Frankel’s boyfriend, Dennis Shield, who is the CEO of LawCash, is another white man in this country getting rich off the backs of poor people by operating a loan shark business resulting in customers paying up to 700% interest. You picked a real winner Bethenny Frankel.
Comment below or send us your story here. Did you pay LawCash outrageous interests fees? We want to hear from you. If you had to sign an illegal clause with LawCash stating you would not talk critically of LawCash which could mean: disclosing the outrageous interest rate; you can remain anonymous. Remember: the law is on your side, see Roca Labs vs Consumer Corp at Tech Dirt for reference, the Federal Trade Commission stepped in and sued for their outrageous and illegal clauses.
Reality TV Scandals has aggressive Attorneys who don’t take kindly of other Attorneys (especially who know better) and companies who break the law by trying to silence their critics from practicing their First Amendment right. You are not speaking badly of a company by disclosing outrageous fees. Don’t be afraid to tell your story. You can tell your story if they helped you as well.
Articles regarding Lawsuit Lending Companies like LawCash Taking Advantage of Lending Laws