Wilmington Trust Company v. Schneider

CAREY, Justice:

The appellees, Francis J. Schneider, Jr., Paul McCartney and Kenneth Richardson, Jr., instituted this action in the Court of Chancery against Wilmington Trust Company, Bank of Delaware, and Farmers Bank of the State of Delaware, appellants. The action was brought as a class action, the complaint alleging that the appellees and the members of the class were charged interest on loans exceeding that allowed by law. The suit is based upon 6 Del.C. § 2304(b), which reads as follows:

“(b) When a rate of interest for the loan or use of money exceeding that established by law has been…