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Federal Trade Commission v. Lending Club Corporation
Case Number:
3:18-cv-02454
Court:
Nature of Suit:
Judge:
Firms
Government Agencies
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July 15, 2021
LendingClub Will Pay $18M To Settle FTC False Ad Suit
LendingClub Corp. has agreed to pay $18 million for consumer remediation as part of a deal settling the Federal Trade Commission's lawsuit alleging the online lender misled consumers about its loan fees and approvals, according to papers filed in California federal court.
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August 21, 2020
FTC's LendingClub Suit On Hold Pending High Court Ruling
A California federal judge granted LendingClub's bid to pause the Federal Trade Commission's false advertising suit against it on Thursday until the U.S. Supreme Court decides whether the FTC has the authority to order restitution against entities that harm consumers.
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June 01, 2020
Bulk Of FTC's False Ad Suit Against LendingClub Kept Alive
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.
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April 27, 2020
FTC Seeks Quick Win In False Ad Suit Against LendingClub
LendingClub knowingly misled consumers into believing their loans would come with no hidden fees and knew its loan application process led to consumer confusion, the Federal Trade Commission told a California federal judge Monday, seeking a quick win in its Truth In Lending Act case against the online lender.
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September 13, 2018
FTC, LendingClub Should Settle False Ad Row, Judge Says
A California federal judge Thursday seemed unconvinced by LendingClub's bid to dismiss a Federal Trade Commission suit alleging it falsely promised consumers their loans come with "no hidden fees," but when she learned the online lender had stopped making that promise, she encouraged the parties to settle and avoid "an enormous waste of court resources."
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June 19, 2018
Fees Not Hidden, LendingClub Says In Challenge To FTC Suit
LendingClub Corp. asked a California federal judge Monday to toss a Federal Trade Commission suit claiming the online lender falsely promises consumers their loans come with "no hidden fees," arguing that its origination fee is noted on its website in at least three places.
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April 25, 2018
FTC Accuses LendingClub Of Deceptive 'No Hidden Fees' Ads
The Federal Trade Commission sued online lender LendingClub Corp. in California federal court Wednesday for allegedly luring prospective borrowers with promises of "no hidden fees" and then taking a hidden, initial, often $1,000-plus "origination fee" from the loan amount.