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Author Topic: Prosper class action update (for lobby)  (Read 170178 times)

ira01

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Re: Prosper class action update (for lobby)
« Reply #135 on: June 07, 2012, 02:11:08 pm »

The discovery asked for by the plaintiffs is extensive and (if the court approves and Prosper complies) could result in a lot of bad stuff coming to light.

Have you seen it?  Because I haven't, but would like to. 

It includes a complete copy of the Prosper website and all their files, emails, etc. 

No, Prosper's discovery RESPONSES might include that stuff.  But Plaintiff's discovery DEMANDS wouldn't -- those would essentially be a list of documents demanded from Prosper, a list of questions Prosper was required to answer under oath, and a list of admissions Prosper was asked to make or deny.  In other words, I would like to see the questions, not necessarily the answers.

Quote
Such records would include names and addresses and SSN's of all Prosper lenders and borrowers, copies of signatures, all that good stuff.

No, I haven't seen it.  Who gets access to it?  Plaintiff's lawyers, lead plaintiffs?  What's to stop a copy from getting posted on the internet?

Typically if discovery responses include confidential information, the parties agree to have the court enter a "protective order" which specifies who can see what, under what conditions, etc.  Or if the parties cannot agree, then one side asks the court for a protective order, the other side presents its arguments, and the judge decides.  Violation of a protective order can be punished as contempt of court. 
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NewHorizon

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Re: Prosper class action update (for lobby)
« Reply #136 on: June 20, 2012, 01:05:40 pm »

Hmm. Perhaps the notice going out will spark a reunion of sorts, with old prosper/Org lenders and borrowers stopping in to say hello.  That would be a good thing.

He didn't say hello, but...

Name:    LoanChimp
Posts:    3373 (1.691 per day)
Position:    Hero Member
Date Registered:    January 03, 2007, 02:44:49 am
Last Active:    June 15, 2012, 02:21:11 am
http://www.prospers.org/forum/index.php?NOaction=profile;u=3

BTW, LoanChimp is the 1st user to register in the ORG forum after ferrix created it.
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bamalucky

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Re: Prosper class action update (for lobby)
« Reply #137 on: June 20, 2012, 06:04:10 pm »

I still haven't gotten anything.
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NewHorizon

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Re: Prosper class action update (for lobby)
« Reply #138 on: June 20, 2012, 09:15:51 pm »

Do they go out to the named plaintiffs?  If no, might they have their wires crossed and think you're still one?
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Beerbud1

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Re: Prosper class action update (for lobby)
« Reply #139 on: June 20, 2012, 09:23:12 pm »

Do they go out to the named plaintiffs?  If no, might they have their wires crossed and think you're still one?
Yes I got both snail mail, and e-mail.
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NewHorizon

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Re: Prosper class action update (for lobby)
« Reply #140 on: June 22, 2012, 09:14:43 am »

OK, well, seems to me the Notifications Administrator exists to handle this kinda stuff.
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sidekick

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Re: Prosper class action update (for lobby)
« Reply #141 on: June 22, 2012, 03:55:59 pm »

Howdy,

I got the letter some time in the early part of June ... I didn't think to note the date ... No email that I know of ...

Great to see all the old folks checking in :)

Thanks for the memories [the good ones] ...

sidekick
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havastat

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Re: Prosper class action update (for lobby)
« Reply #142 on: July 04, 2012, 10:16:24 pm »

Wonder if they're discussing some sort of settlement now that the judge has turned the pressure up?
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God-Father

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Re: Prosper class action update (for lobby)
« Reply #143 on: August 19, 2012, 03:57:56 am »

I read the Case Management Statement by the Defendants on July 27th to say that the key litigation in this case is whether reasonable people would have believed, at the time, these loans were securities, regardless of what the SEC now believes.  If so, who among us had any belief that we were trading in unregistered securities?

http://webaccess.sftc.org/minds_asp_pdf/mainpage.asp?Web_Server=webaccess.sftc.org&MINDS_Server=ntimagex&Category=C&DocID=03704149

If found it intersting, but not surprising, that Prosper has provided over 5 million pages of discovery.


ETF typo
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Xenon481

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Re: Prosper class action update (for lobby)
« Reply #144 on: August 19, 2012, 06:47:54 am »

I read the Case Management Statement by the Defendants on July 27th to say that the key litigation in this case is whether reasonable people would have believed, at the time, these loans were securities, regardless of what the SEC now believes.  If so, who among us had any belief that we were trading in unregistered securities?

http://webaccess.sftc.org/minds_asp_pdf/mainpage.asp?Web_Server=webaccess.sftc.org&MINDS_Server=ntimagex&Category=C&DocID=03704149

If found it intersting, but not surprising, that Prosper has provided over 5 million pages of discovery.
ETF typo

All the way back in 2006, Prosper claimed to be licensed (under the name CircleOne) with the North American Securities Adminstrators Association (NASAA) since before they opened themselves to the general public.

http://www.prosperreport.com/threads/6/1/6114.0.HTM

Members of the old official Prosper forums talked about the possibility of Prosper's offerings being securities.

http://prosperreport.com/archive/forums/3/0/7/30743.0.HTM#post379822

God-Father

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Re: Prosper class action update (for lobby)
« Reply #145 on: August 19, 2012, 07:31:05 am »

Good memory.
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msava

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Re: Prosper class action update (for lobby)
« Reply #146 on: September 12, 2012, 04:50:37 am »

I read the Case Management Statement by the Defendants on July 27th to say that the key litigation in this case is whether reasonable people would have believed, at the time, these loans were securities, regardless of what the SEC now believes.  If so, who among us had any belief that we were trading in unregistered securities?

http://webaccess.sftc.org/minds_asp_pdf/mainpage.asp?Web_Server=webaccess.sftc.org&MINDS_Server=ntimagex&Category=C&DocID=03704149

If found it intersting, but not surprising, that Prosper has provided over 5 million pages of discovery.


ETF typo
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God-Father

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Re: Prosper class action update (for lobby)
« Reply #147 on: September 13, 2012, 07:27:24 pm »

Msava - Why did you quote my post?
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bamalucky

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Re: Prosper class action update (for lobby)
« Reply #148 on: September 15, 2012, 04:18:10 pm »

Msava - Why did you quote my post?

Are you new here?  :ninja:
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God-Father

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Re: Prosper class action update (for lobby)
« Reply #149 on: September 15, 2012, 08:29:25 pm »

Msava - Why did you quote my post?

Are you new here?  :ninja:
Usually she screws up the quotes by adding something within the quotes, but it looks to be that this time she did not add or delete anything from my post.
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