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[Beerbud1]

Question for anyone who wants to tackle it.:

What if someone(s) pays that has defaulted, after Prosper begins paying the Court settlement. Who gets that monies?

[faithful_steward2]

Good news about the class action just noticed after coming back for the first time in aboutr 4 months.

A few comments from reviewing the legal docs and this thread:

The change from including in the class those with a negative portfolio return to those with a negative loan return is probably because they knew they'd have so many people excluded from the class (anyone that made a 0.1% return that they'd leave themselves open to more lawsuits.

Regarding how much we'll get per loan...If the total amount of damages was $40million and the settlement was $10million, that is a 25% damage recovery. The class only gets 60% of the $10 million so the recovery would then be 15%. (Or take $6MM/$40MM). So for a $1000 loss on a loan one would recover $150. Assuming some people exclude from class or can't be contacted, that will increase maybe 10% so probably about $165 or 16.5cents on the dollar lost.

This seems semi-fair to me and I'll likely get about $900.

Now can someone file a class action for the reprehensible loan servicing practices. That was likely the bigger travesty and resulted in the most losses for me.

[msava]

Good news about the class action just noticed after coming back for the first time in aboutr 4 months.

A few comments from reviewing the legal docs and this thread:

The change from including in the class those with a negative portfolio return to those with a negative loan return is probably because they knew they'd have so many people excluded from the class (anyone that made a 0.1% return that they'd leave themselves open to more lawsuits.

Regarding how much we'll get per loan...If the total amount of damages was $40million and the settlement was $10million, that is a 25% damage recovery. The class only gets 60% of the $10 million so the recovery would then be 15%. (Or take $6MM/$40MM). So for a $1000 loss on a loan one would recover $150. Assuming some people exclude from class or can't be contacted, that will increase maybe 10% so probably about $165 or 16.5cents on the dollar lost.

This seems semi-fair to me and I'll likely get about $900.

Now can someone file a class action for the reprehensible loan servicing practices. That was likely the bigger travesty and resulted in the most losses for me.

What an optimist! Good luck with those figures.

This sounds like the perfect time for someone to tell us the real likely figures to expect, puleeze.

[Capital_Finance_Group]

Does anybody know what the status of the class action/settlement is currently?
I saw a lot of filings in early December - not really sure what they mean.

Thanks and Happy New Year.

[Urbi_et_Orbi]

JAN-03-2014 ORDER PRELIMINARILY APPROVING SETTLEMENT AND PROVIDING FOR NOTICE

[Capital_Finance_Group]

JAN-03-2014 ORDER PRELIMINARILY APPROVING SETTLEMENT AND PROVIDING FOR NOTICE

The hearing for final approval will be held on April 8, 2014 at 4pm PST

[Fred93]

The hearing for final approval will be held on April 8, 2014 at 4pm PST

unless it is postponed 

[Capital_Finance_Group]

The hearing for final approval will be held on April 8, 2014 at 4pm PST

unless it is postponed  

Thanks!!

[havastat]

Do people who accept the settlement agree to release Prosper from all other claims, or just the specific ones in the complaint?

Realize it's unlikely there would be another lawsuit over Prosper 1.0 and I imagine the statute of limitations has already been reached in a lot of cases.

[DCS]

Do people who accept the settlement agree to release Prosper from all other claims, or just the specific ones in the complaint?

Realize it's unlikely there would be another lawsuit over Prosper 1.0 and I imagine the statute of limitations has already been reached in a lot of cases.

According to the notice posted on http://www.prosperclassaction.com/ it looks like the specific claims made in this complaint. I agree another lawsuit would be unlikely.

Exclude Yourself No Later Than March 25, 2014   Get no payment. This is the only option that allows you to be part of any other lawsuit against Defendants about the legal claims in this case.

[yankeefan]

Just got my notice of this proposd settlement by e-mail .

[Roadhawk]

Just got my notice of this proposd settlement by e-mail .

Me too.  Info is at this link:  http://www.prosperclassaction.com/

[Fred93]

Ok, so reading the legaleeze they sent me, I see that money is going to be distributed proportionally to losses from defaults.

Prosper is paying $10M total.  Lawyer fees are capped at $315,000.  So there's $9,685,000. to get spread among us.

The legaleeze says the total losses due to defaults is $28,446,925.

$9,685,000 / $28,446,925 = 34.04%

So it looks to me like we're going to get 34% of our losses returned to us.

[xraider]

Fred, COSTS (expenses) are capped at $315,000.  Fees are capped at 1/3 of the recovery.  Monetary awards to the class reps are not to exceed $30,000.

So, we're looking at about 22%.  That's better than the junk debt buyers would have paid. 

[Fred93]

Fred, COSTS (expenses) are capped at $315,000.  Fees are capped at 1/3 of the recovery.  Monetary awards to the class reps are not to exceed $30,000.

So, we're looking at about 22%.  That's better than the junk debt buyers would have paid. 

Thank you for the correction.   Ok 22%.

Now my chargeoffs were $103,839.39 and 22% of that is $22,844.67

Not bad.   I am looking forward to my 1st check of $4,568.93 sometime in the spring.