Bulk Of FTC's False Ad Suit Against LendingClub Kept Alive

Law360 (June 1, 2020, 8:18 PM EDT) -- A California federal judge gave both the Federal Trade Commission and LendingClub partial quick wins Monday in the regulator's false advertising suit against the loan servicer, but allowed the bulk of the suit to move forward after finding that several questions of fact and law remained.

U.S. Magistrate Judge Jacqueline Scott Corley addressed competing summary judgment and other motions in the FTC's 2018 suit, which accuses LendingClub of luring potential borrowers with false promises of "no hidden fees" and of telling customers they had been approved for a loan only to reject some applications after a back-end credit check.

In denying the...

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