The City of Baltimore filed a lawsuit against MoneyLion Technologies Inc., accusing the financial technology company of using misleading marketing and charging excessive fees that officials said trap low-income residents in cycles of debt.

Baltimore Mayor Brandon Scott announced the lawsuit Monday, calling MoneyLion's practices "a digital-age payday lending scheme."

The complaint, filed by the city's Department of Law and co-counsel Berger Montague, claims that the company violated Baltimore's Consumer Protection Ordinance by promoting small, short-term "Instacash Advances" with deceptive terms.

"MoneyLion has preyed on Baltimoreans, trapping our most vulnerable residents in borrowing cycles that made it harder and harder for them to pay bills and put food on the table," Scott said in a

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