EDWARSVILLE — A financial company is suing Buyback Express for allegedly failing to abide by an arbitration order involving its loan default.
Swift Financial LLC, as servicing agent for WebBank, filed a complaint March 12 in the Madison County Circuit Court against Aaron Holt and Buyback Express Inc.
According to the complaint, the plaintiffs and defendants engaged in arbitration with the American Arbitration Association Commercial Arbitration Tribunal for a case involving a $100,000 loan agreement executed on March 21, 2019. The agreement was between WebBank as the lender, Buyback Express as the borrower and Holt as guarantor. The plaintiffs claim Buyback Express defaulted on the loan in January 2020, leaving a $69,536.16 outstanding balance.
On Dec. 9, 2020, the arbitrator found the plaintiffs were entitled to recover $71,166.16 plus $2,075 in arbitration fees, according to the suit. The plaintiffs allege the arbitration award has not been "complied with or satisfied" within the required 30 day period and seeks a motion to satisfy the arbitration award.
The plaintiffs seek compensation of more than $50,000 and all other just relief. They are represented by Edward Costa of Samuels, Miller, Schroeder, Jackson & Sly LLP in Decatur.
Madison County Circuit Court case number 21-L-000317