St. Paul, MN (KROC-AM News) - The Minnesota Supreme Court issued a ruling today that reverses two previous court decisions concerning a consumer protection lawsuit filed on behalf of students who attended the now closed Minnesota School of Business and Globe University.

State Attorney General Lori Swanson filed the suit, which alleged the for-profit schools illegally extended high interest loans to students without a required license. Those loans carried interest rates as high as of 18 percent. The ruling by the State Supreme Court sends the case back to the district court level for additional review.

The Minnesota School of Business and Globe University, which operated a campus in northwest Rochester, closed earlier this year after the U.S. Department of Education ruled it was no longer eligible to participate in the federal student aid loan program. The federal action followed a court ruling in favor of a lawsuit filed by the Minnesota Attorney General, claiming the schools had provided misleading information to some students, including those enrolled in a criminal justice program.

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