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LendingClub Investors’ Suit Over FTC Probe Needs Rewrite

Tiomkin Law Offices of Elliott Tiomkin > Legal News  > LendingClub Investors’ Suit Over FTC Probe Needs Rewrite

LendingClub Investors’ Suit Over FTC Probe Needs Rewrite

Law360 (June 15, 2020, 4:18 PM EDT) — Fintech firm LendingClub has prevailed again on a bid to end a proposed securities class action it faces in a California federal court accusing the company of mismanaging messaging around a U.S. Federal Trade Commission investigation, a federal judge ruled as she dismissed some of the suit’s claims permanently.

In her June 12 order, U.S. District Judge Beth Labson Freeman decided LendingClub’s investors failed to properly lay out claims that the company violated federal securities laws with its representations about the FTC investigation it faces. Judge Freeman said the complaint lacked necessary details that would support those claims.

Specifically, Judge Freeman…

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