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Author Topic: Prosper Class Action Suit Settled for $10 Million Over 3 Years  (Read 191397 times)

msava

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Re: Prosper Class Action Suit Settled for $10 Million Over 3 Years
« Reply #15 on: July 20, 2013, 09:52:24 pm »

It says they easily have enough to pay the FIRST installment. Will we have to re-sue to get the 2nd and future installments?
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ira01

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Re: Prosper Class Action Suit Settled for $10 Million Over 3 Years
« Reply #16 on: July 20, 2013, 10:04:10 pm »

It says they easily have enough to pay the FIRST installment. Will we have to re-sue to get the 2nd and future installments?

No, but it is entirely possible that Prosper will go BK before some of the later installments are paid, in which case we may not get the promised amounts -- that would be decided in BK. 
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xraider

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Re: Prosper Class Action Suit Settled for $10 Million Over 3 Years
« Reply #17 on: July 20, 2013, 11:04:46 pm »

Ira, youre so right. This is one where the devil is in the details. If class counsel expects to get paid in full up front and the class payments are on the installment plan, Ill object.

In fact, Im not comfortable with payments over time, particularly since I had to remind Prosper repeatedly about my $.76/mo on the ch 11 where Prosper didnt bother to make a claim.

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ira01

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Re: Prosper Class Action Suit Settled for $10 Million Over 3 Years
« Reply #18 on: July 21, 2013, 02:35:35 am »

Ira, youre so right. This is one where the devil is in the details. If class counsel expects to get paid in full up front and the class payments are on the installment plan, Ill object.

Yes, that would be completely unreasonable -- so much so, I doubt they would even try it.  I think a reasonable scheme would be for class counsel to recoup their expenses from the first installment, and then share the remainder of that installment, and each of the subsequent ones, pro rata with the class.  So if their fees are 40%, and expenses are $400,000, they would get $400,000 plus 40% of $1.6M ($640K), for a total of $1.04M of the initial installment, and the class would get $960K of the initial installment.  Then they would get $800K to the classs $1.2M of the second installment, and $1.2M to the classs $1.8M of the third and fourth installments.  

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In fact, Im not comfortable with payments over time, particularly since I had to remind Prosper repeatedly about my $.76/mo on the ch 11 where Prosper didnt bother to make a claim.

Certainly troubling, but I think still reasonable with adequate assurances that the payments will be made.  I think that personal guarantees by the individual defendants for the full amount of the payments would be best.  They are deep-pocketed enough that there shouldnt be much risk of not getting paid.  If that doesnt fly, then perhaps partial individual guarantees with additional guarantees by all of the various Prosper entities, along with a senior security interest in all of Prospers assets, including all of its loans would be adequate.  
« Last Edit: July 23, 2013, 10:33:44 am by ira01 »
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Staneslav

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Re: Prosper Class Action Suit Settled for $10 Million Over 3 Years
« Reply #19 on: July 23, 2013, 09:33:51 am »

a
« Last Edit: November 22, 2017, 12:21:30 pm by Staneslav »
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ira01

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Re: Prosper Class Action Suit Settled for $10 Million Over 3 Years
« Reply #20 on: July 23, 2013, 10:30:40 am »

I wonder if the new management had a change in attitude about this case compared to the old. This settlement seems to come pretty quickly after the change.

That is certainly very possible.  After all, it is a lot easier to admit that your predecessors broke the law, than that you did.
« Last Edit: July 23, 2013, 10:33:33 am by ira01 »
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rogerwaite

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Re: Prosper Class Action Suit Settled for $10 Million Over 3 Years
« Reply #21 on: July 23, 2013, 01:27:02 pm »

Congratulations to the Class Representatives! For me, this was an unexpected turn of events. And I am grateful to our diligent trio who stayed the course and the 4th who helped originate the cause. (Think I have that right)
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msava

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Re: Prosper Class Action Suit Settled for $10 Million Over 3 Years
« Reply #22 on: July 24, 2013, 02:50:44 am »

Wonder what we will have to produce in order to get paid?
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Fred93

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Re: Prosper Class Action Suit Settled for $10 Million Over 3 Years
« Reply #23 on: July 24, 2013, 03:08:42 am »

Wonder what we will have to produce in order to get paid?

Urine test results.

112233

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Re: Prosper Class Action Suit Settled for $10 Million Over 3 Years
« Reply #24 on: July 24, 2013, 07:34:42 am »

Wonder what we will have to produce in order to get paid?

Urine test results.
to see if you were on drugs when you signed up for prosper?
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mothandrust

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Re: Prosper Class Action Suit Settled for $10 Million Over 3 Years
« Reply #25 on: July 24, 2013, 01:56:11 pm »

Will these be cash payments, or a credits towards bidding on Prosper listings?
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ira01

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Re: Prosper Class Action Suit Settled for $10 Million Over 3 Years
« Reply #26 on: July 24, 2013, 02:06:27 pm »

Will these be cash payments, or a credits towards bidding on Prosper listings?

Better be cash -- Ill file objections to the settlement if they are credits towards bids. 
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xraider

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Re: Prosper Class Action Suit Settled for $10 Million Over 3 Years
« Reply #27 on: July 24, 2013, 04:15:54 pm »

Will these be cash payments, or a credits towards bidding on Prosper listings?

Better be cash -- Ill file objections to the settlement if they are credits towards bids. 

I agree.  Credits toward bids are worthless to me and, I suspect, to most class members.
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Staneslav

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Re: Prosper Class Action Suit Settled for $10 Million Over 3 Years
« Reply #28 on: July 24, 2013, 04:19:08 pm »

a
« Last Edit: November 22, 2017, 12:00:41 pm by Staneslav »
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Beerbud1

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Re: Prosper Class Action Suit Settled for $10 Million Over 3 Years
« Reply #29 on: July 24, 2013, 04:23:22 pm »

Will these be cash payments, or a credits towards bidding on Prosper listings?

Better be cash -- Ill file objections to the settlement if they are credits towards bids. 

I agree.  Credits toward bids are worthless to me and, I suspect, to most class members.
But, but wouldnt the suspensions be lifted  as per the nudge
Especially those of us who are banned.
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