[5][6] In 1998, an investor group led by Nelson Peltz, Peter May and Kerry Packer acquired a majority interest in its operations.
[10][11] According to ConsumerAffairs, as of 2021 more than 7 million consumers had paid off debt to Midland Credit Management.
[12] In 2013, the Southern District Court of New York ruled that Midland had the right to charge the same interest rate as charged by the bank that made the loan, finding that the terms of the loan were legally "valid when made".
The Office of the Comptroller of the Currency (OCC) issued a final rule to address the legal uncertainties caused by the Second Circuit Court of Appeal's decision and codified "valid when made".
In 2020, the CFPB filed a suit alleging the company violated the terms of the consent order.