Judge OKs LendingClub Investor Class, Competing State Suit

Law360, New York (October 20, 2017, 8:21 PM EDT) -- Investors in LendingClub Corp. who accused the online lender of stock fraud were recognized as a class in California federal court on Friday, but the judge allowed a competing state-court case to advance despite his skepticism that it would result in a better outcome for investors.

Over objections from both LendingClub and a group competing to win relief for investors in state courts, U.S. District Judge William Alsup allowed the case to move forward under the leadership of a municipal pension fund and its lawyers at Robbins Geller Rudman & Dowd. The decision was broadly in line with the judge’s remarks...

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