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Class counsel inviting interested parties

February 2, 2009

A brief note regarding the pending litigation against Prosper Marketplace now appears on the web site of Green Welling LLP.

NOTE: It’s worth pointing out that the lawsuit mentioned on the Green Welling web site is the same suit which is already being tracked on this blog.  Green Welling appears to be working together with the Rosen Law Firm.

Green Welling filed a lawsuit on behalf of loan note purchasers of loans from Prosper Marketplace, Inc. via its online platform from January 1, 2006 through October 14, 2008.

The loans issued by defendants Prosper and its executives and directors are allegedly unqualified and unregistered securities under the California and federal securities laws.

The complaint alleges that the defendants are liable for offering and selling unregistered securities (loans) for the following reasons:

  1. The loan notes sold in California by Prosper Marketplace Inc. were not qualified for sale in California;
  2. Prosper Marketplace was not a licensed broker-dealer for the loan notes it offered and sold in California;
  3. Prosper Marketplace’ executives and directors materially aided in offering and selling of the unqualified and unregistered loans;
  4. And Prosper Marketplace Inc. offered and sold loan notes without an effective registration statement.

If you are or were a loan note purchaser in Prosper Marketplace’s online lending program and would like more information about the lawsuit as it progresses, please contact us at 415-477-6700 or by clicking here.

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