Print

[112233]

NA, if you invest enough I'm sure they'll treat you to a neat scotch.

I think it's the other way. If they treat you to enough scotch, you'll invest.

[Capital_Finance_Group]

How many do you need?

Named plaintiffs will get more than the rest of us, because...

Because they did work, unlike the rest of us.  And I would be very surprised if they get much compensation. 

Personally I am not concerned with what the Lawyers or the Named Plaintiffs receive. If I had wanted what they get i could have made the decisions to fill their shoes and do what they did do - I did not. What I am concerned about is what I get.

Fixed your post!

Thank you

[NewHorizon]

Enough objections would lead to the court to reject the settlement.......

Don't understand.  Thought the only option was opt-out, not object.

[ira01]

Enough objections would lead to the court to reject the settlement.......

Don't understand.  Thought the only option was opt-out, not object.

The judge has to approve a class action settlement as being "fair, reasonable, and adequate" before it is final.  Part of that process includes giving class members an opportunity to object to the settlement.  Basically, an objection is simply voicing your opinion of the settlement to the judge.  The judge may or may not give the objections much weight, although the more objections there are, the more likely they are to influence the decision.  An objection has no legal effect by itself -- a class member who objects is still bound by the settlement if approved by the judge.  Contrast that to opting-out, which removes the class member from the class and the settlement, meaning he/she is not bound by the settlement or its release, and may file an individual lawsuit over the same issues. 

[Xenon481]

Enough objections would lead to the court to reject the settlement.......

Don't understand.  Thought the only option was opt-out, not object.

The judge has to approve a class action settlement as being "fair, reasonable, and adequate" before it is final.  Part of that process includes giving class members an opportunity to object to the settlement.  Basically, an objection is simply voicing your opinion of the settlement to the judge.  The judge may or may not give the objections much weight, although the more objections there are, the more likely they are to influence the decision.  An objection has no legal effect by itself -- a class member who objects is still bound by the settlement if approved by the judge.  Contrast that to opting-out, which removes the class member from the class and the settlement, meaning he/she is not bound by the settlement or its release, and may file an individual lawsuit over the same issues. 

How do we go about objecting? Would it be sufficient for one person here to write up a formal objection letter and those of us who want can just sign it and that one person submit it? If we all had to print our own copy and submit it, how complicated is it to submit it?

[ira01]

Enough objections would lead to the court to reject the settlement.......

Don't understand.  Thought the only option was opt-out, not object.

The judge has to approve a class action settlement as being "fair, reasonable, and adequate" before it is final.  Part of that process includes giving class members an opportunity to object to the settlement.  Basically, an objection is simply voicing your opinion of the settlement to the judge.  The judge may or may not give the objections much weight, although the more objections there are, the more likely they are to influence the decision.  An objection has no legal effect by itself -- a class member who objects is still bound by the settlement if approved by the judge.  Contrast that to opting-out, which removes the class member from the class and the settlement, meaning he/she is not bound by the settlement or its release, and may file an individual lawsuit over the same issues. 

How do we go about objecting? Would it be sufficient for one person here to write up a formal objection letter and those of us who want can just sign it and that one person submit it? If we all had to print our own copy and submit it, how complicated is it to submit it?

Filing objections generally is not especially complicated.  Usually you have to mail a copy to all the lawyers, and two copies to the Court clerk.  But there will be specific instructions in the notice to the class of the settlement. 

I think separate objections would be better, as it would give the appearance of more. 

Personally, I don't really GAF, and doubt I'll be filing objections, unless something especially objectionable is revealed.  I think $10M is a pretty good hit to Prosper, which I am glad about. 

[NewHorizon]

The judge has to approve a class action settlement as being "fair, reasonable, and adequate" before it is final.  Part of that process includes giving class members an opportunity to object to the settlement.  Basically, an objection is simply voicing your opinion of the settlement to the judge.  The judge may or may not give the objections much weight, although the more objections there are, the more likely they are to influence the decision. 

I think separate objections would be better, as it would give the appearance of more. 

If multiple parties file objections, does it stand to reason that if they all make the same argument that the settlement is either unfair, unreasonable, and/or inadequate (as opposed to each objector making their own unique argument), the argument is then more persuasive?

[ira01]

The judge has to approve a class action settlement as being "fair, reasonable, and adequate" before it is final.  Part of that process includes giving class members an opportunity to object to the settlement.  Basically, an objection is simply voicing your opinion of the settlement to the judge.  The judge may or may not give the objections much weight, although the more objections there are, the more likely they are to influence the decision. 

I think separate objections would be better, as it would give the appearance of more. 

If multiple parties file objections, does it stand to reason that if they all make the same argument that the settlement is either unfair, unreasonable, and/or inadequate (as opposed to each objector making their own unique argument), the argument is then more persuasive?

Maybe.  If the judge gets a stack of cookie-cutter objections, where it is clear that one person wrote them and multiple people sent them in, that probably doesn't carry as much clout as each person making their case.  But I think this is largely academic anyway -- absent a very large number of cogent objections, I think it is very likely the settlement will be approved.  Judges like settlements, and I haven't seen anything about this settlement so far to suggest that is is unfair, unreasonable, or inadequate.  The total amount paid by Prosper seems pretty reasonable to me, and class members get cash -- not worthless coupons.  As class action settlements go, this one seems pretty good.  And I say that as someone who only lost a few bucks, so I personally won't be receiving much from the settlement (IIRC, I wound up down something like $97, although I think that includes $50 I got from referral bonuses, so maybe my actual lending loss was more like $147 -- chump change compared to the typical Prosper lender). 

[mothandrust]

NA, if you invest enough I'm sure they'll treat you to a neat scotch.

I think it's the other way. If they treat you to enough scotch, you'll invest.

It would have been neat if I scotched all my Prosper investments sooner.

[mothandrust]

How many do you need?

Named plaintiffs will get more than the rest of us, because...

Their named Plaintiffs! they represented the Class, they worked on behalf of the class!

What did they do?

They realized sooner than the rest of us that putting their name on the thing would get them some extra $$$.  Early bird, worm.

[divindj]

this made me check my P1 statements:
Payments in excess of principal: = $582.90
Principal charge-offs: - $676.25
Gain/loss to date: = -$93.35

I guess they're using the $93.35 and not the $676.25 I actually lost... Ideally I'd get the $676.25 they charged-off thanks to their incompetence but suspect all I'm "entitled" to is $93.35... that number doesn't take into account the taxes I paid on the $582.90, which is infuriating.

that said, I will be amazed if any money ever shows up.

[yankeefan]

this made me check my P1 statements:
Payments in excess of principal: = $582.90
Principal charge-offs: - $676.25
Gain/loss to date: = -$93.35

I guess they're using the $93.35 and not the $676.25 I actually lost... Ideally I'd get the $676.25 they charged-off thanks to their incompetence but suspect all I'm "entitled" to is $93.35... that number doesn't take into account the taxes I paid on the $582.90, which is infuriating.

that said, I will be amazed if any money ever shows up.

You should have had a deduction for the (676) losses as well.

[DCS]

Payments in excess of principal:   =   $3,258.49
Principal charge-offs:   -   $1,563.03
Gain/loss to date:   =   $1,695.45

I ain't gettin' nuffin from the class action.  Well, it was fun to read about anyway.    

Kind of curious what Muleshoes and his Ericscc-calculated -33% ROI on $60k would yield in settlement money, but I guess I'll never know.

[NewHorizon]

Do I understand correctly - P1 execs get a pass?

[Beerbud1]

Do I understand correctly - P1 execs get a pass?

YES