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[divindj]

so from today that apparently live-updated document CGC-08-482329 says "    ORDER GRANTING MOTION TO BIFURCATE TRIAL " does this mean first there will be the trial to determine if they were securities and then another trial based on results of that? seems to me that if prosper was found to be selling securities the second trial would be a slam-dunk for the class? or do i have this all backwards?

[bamalucky]

They want that so if/when they lose they can try and cut a deal with the class

[havastat]

The judge appears to have ruled against the plaintiffs on the procedural issues that were being disputed. The Prosper plaintiffs want a jury to decide the case, but the judge ruled they aren't entitled to have one. There is a right to a jury trial to decide fraud, but the complaint doesn't contain a fraud count; the plaintiffs only complained about unregistered securities. The judge decided there is no right to a jury trial on unregistered securities claims, so the case will be decided by the judge.

[havastat]

The decisions would seem to be quite a win for Prosper. Bifurcating the trial makes it more likely that the trial will continue for several more years before anybody actually decides whether Prosper owes anyone anything, let alone names a dollar amount. Any number of things could happen before then.

[Fred93]

So I've lost track of status of the class action suit.  Can someone summarize "where it is now" in the big picture scale of things?

We've figured out who the defendants are, right?
There's some controversy about one step vs two step trial?
Trial is still far in the future?

[Xenon481]

So I've lost track of status of the class action suit.  Can someone summarize "where it is now" in the big picture scale of things?

We've figured out who the defendants are, right?
There's some controversy about one step vs two step trial?
Trial is still far in the future?

I believe it sits in the following state

- All of the initially declared defendants are still defendants
- Judge declared that the case can't be thrown out summarily in Prosper's favor
- Trial will be in two parts; one to determine whether Prosper actually did illegally sell unregistered securities, a second to determine in what ways the defendants are liable.
- First jury trial starts later (fall/winter) this year (2013)

[havastat]

I thought the judge had said that a judge, not a jury, would decide the first part of the trial, whether Prosper sold unregistered securities or not. I thought that was one of the points Prosper had won.