Our law firm is filing potential claims on behalf of shareholders of LendingClub Corp (NYSE: LC) over possible violations of US securities laws.
Did you own LendingClub Corp (NYSE: LC) stock between 12/10/2014 and 05/06/2016? If so, you may be entitled to compensation,
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A lawsuit brought by shareholders of the online peer-to-peer lender Lending Club has been settled. William Alsup, a judge in the Northern District of California, approved the settlement in the amount of $125 million on March 16.
Lending Club began median efforts in November 2017 after discrepancies and improprieties were found in the digital lender’s business operations. The agreement calls for Lending Club to pay $77 million. The company’s insurance company will pay the additional $47 million. According to sources, the company will use part of its $650 million in liquid assets to cover its portion of the settlement.
The settlement calls for the creation of a fund to help disburse all the monies.
According to a court statement, after all fees are disbursed from the fund, it will then distribute the remaining funds to shareholders who can prove their claims using a release form. Any funds remaining will then go to unauthorized claimants, and any money left in the fund that is below $5,000 will go to a nonprofit organization known as the “Second Harvest Food Bank.”
The digital lender stated earlier this year that any settlement amount will have on impact on the company’s day-to-day operations. Lending Club is considered a pioneer in the online peer-to-peer marketplace, which connects lenders with borrowers.
Lending Club’s fourth-quarter results from 2018 showed the company earned $156.5 million, a 20 percent increase from the same time in 2017. The company also saw its annual growth increase to $2.4 billion, which was a 23 percent increase.
Lending Club’s CEO Scott Sanborn released a statement that he is happy the matter is over, and the settlement will lower the company’s financial risk in the future.
Settlement of LendingClub Corp (NYSE: LC) Shareholder Lawsuit
LendingClub Corp (NYSE: LC) investors may be able to collect significant financial compensation for their losses. The recent settlement with the company has set aside hundreds of millions of dollars for compensating shareholders.
Sell shares of LendingClub Corp (NYSE: LC) ? LendingClub Corp (NYSE: LC) Shareholder Lawsuit Settlement. Contact us to protect your rights.
If you owned LendingClub Corp (NYSE: LC) stock between 12/10/2014 and 05/06/2016, complete the form on this page or call 1-800-934-2921 right now to protect your rights.