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LendingClub Prevails Over Investors’ Suit About FTC Probe

Tiomkin Law Offices of Elliott Tiomkin > Legal News  > LendingClub Prevails Over Investors’ Suit About FTC Probe

LendingClub Prevails Over Investors’ Suit About FTC Probe

Law360 (July 27, 2020, 6:12 PM EDT) — Fintech firm LendingClub succeeded in ending a proposed securities class action against it that alleged the company lied about a federal investigation, with a California federal judge ordering all claims dismissed Monday.

U.S. District Judge Beth Labson Freeman permanently dismissed some of the LendingClub investors’ claims from their second amended complaint in June, saying they didn’t have details to support claims that the company lied about a Federal Trade Commission investigation it’s facing and violated securities laws.

Judge Freeman gave investors leave to amend in part, and on Monday, the investors told the court they didn’t plan to file a third…

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