mtrauch, I am also interested in the basis for your conclusion that the class action is a joke with minimal potential damages.
You do understand that Prosper entered into a number of consent decrees with a number of states admitting that they were improperly selling securities without registering them and without adequately disclosing the risks? You also understand that Prosper now files updated SEC documents with information and disclosures ON EACH INDIVIDUAL LOAN? In other words, it has completely changed its business model and disclosures as a further admission (along with the consent decree) that it was doing business improperly in the past.
According to the minutes of the May 2 hearing, the court believes that the action may be appropriate for summary judgment or summary adjudication. Given the consent decrees, I have a pretty high degree of confidence as to which way the court would rule.
So, if you think the class action is a joke, you must be on Prosper's payroll.