There are actually several private law firms that have been suing toxic funders in addition to the SEC actions. They have also been winning, but on a much narrower argument than what it seems OPTI is being sued for. Those other firms have been using New York's usury statutes, successfully arguing that the amounts of the massive discount these lenders use to convert their debt into common shares is covered under usury laws which severely limits the amount of interest and other considerations they can be paid. IIRC, several of the toxic funders have appealled and in each case the ruling against them was upheld. I don't recall the full terms of each judgement, but I remember that, just like in the SEC cases, the funders were required to return or cancel all remaining toxic debt and any unsold converted shares back to the lenders.
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