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December 2nd, 2008 — , Lending Club, Prosper, Prosper.com, US, Zopa, class action, law suit, nasaa, regulation, sec, sec filing, settlement, the rosen law firm from wiseclerk @ P2P-Banking.com
The SEC cease and desist order against Prosper offered the legal arguments on a plate, now the first class action lawsuit filed against Prosper Marketplace Inc. uses the SEC filing as exhibit A to state it’s case. Regarding numbers and affected lenders the lawsuit by The Rosen Law Firm, New York, states
“…As of October, 2008 [...]
Continue reading → Prosper faces class action lawsuit; pays 1M US$ in fines to states
October 31st, 2008 — , Defaults, bad debt, debt sale, Prosper, Prosper.com, US, collection, court, default, hunt henriques, law suit from wiseclerk @ P2P-Banking.com
One of the downsides of p2p lending service Prosper.com are high default rates. Results from collection attempts are low.
In an attempt to test alternatives to the existing collection process Prosper in January selected 66 cases of nonpaying borrowers and turned them over to the law firm Hunt & Henriques to pursue these cases in court.
Fred [...]
Continue reading → Prosper loses several lawsuits against non-payers
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