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Lenders put on notice in June 2008

December 2, 2008

In light of what appears to be an ongoing effort by Prosper Marketplace to remove potentially incriminating information from their blog, it is worth noting that legal counsel retained by a group of Prosper lenders put Prosper Marketplace on notice already back in June of 2008, instructing Prosper to preserve myriad types of potential evidence.

For those interested, a copy of the letter is attached.

Dear Mr. Giedgowd: 

Although my previous letter should have sufficed, in order to prevent any misunderstanding, I send this letter to place you on formal notice that a lawsuit against Prosper Marketplace, Inc. will soon be filed.  Accordingly, please direct PMI to preserve all evidence, including, without limitation, all electronic records, email communications (including, without limitation, reports made by members with respect to particular listings and communications between PMI employees and individuals about particular loans or policies), records provided by PMI’s collection agencies, the spreebb forums maintained by Prosper until November, 2007, the current Prosper forums, the blogs and comments, and any other potential evidence of any kind whatsoever.  This includes the immediate cessation of any normal data destruction, including the reuse of any backup media.

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