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Prosper Class Action – 2009 in Review

December 31, 2009

The wheels of justice are turning, but progress is slow.  At the end of the year, I thought it appropriate to provide readers with a re-cap of some notable events and developments in the ongoing class action litigation involving peer-to-peer lending company Prosper Marketplace (Prosper.com).

January

  • Plaintiffs moved for the case to receive “Complex Designation” 
  • Plaintiff Barnwell dismissed without prejudice
  • Defendant Hazen dismissed without prejudice

February

  • Complex Designation approved
  •  Single assignment to Judge Kramer
  • Defendants file Demurrer to Complaint
  • Plaintiffs file 1st Amended Complaint

March

  • Plaintiffs file amended notice of motion for an order granting class certification

April

  • Defendants file answer to 1st Amended Complaint
  • Outside Director defendants file notice of Demurrer to 1st Amended Complaint
  • Plaintiffs submit multiple filing s related to memorandum of points and authorities in opposition to Demurrer

June

  • Defendants (outside directors) submit multiple filings (replies and objections) related to the April filings

July

  • Judge Kramer sustains Demurrer (filed by Outside Directors) to 1st Amended Complaint
  • Judge Kramer enters stipulation and protective order
  • Plaintiffs file 2nd Amended Complaint
  • Court and counsel confer on issues related to selecting a mediator

August

  • Outside Director defendants file Demurrer to 2nd Amended Complaint
  • Plaintiffs file Memo of P&A in opposition to the Demurrer
  • Prosper files a separate complaint against Greenwich Insurance Company

September

  • Outside Director defendants file a reply brief in support of their Demurrer
  • Judge Kramer sustains the Demurrer to 2nd Amended Complaint filed by the Outside Director defendants, without leave to amend

October

  • Outside Director defendants file objections to plaintiffs proposed order sustaining the Demurrer to 2nd Amended Complaint
  • Court and counsel confer on discovery and mediation issues
  • Court orders further mediation
  • Counsel for the defense advise the court of a pending copmplex designation application of a related action (Prosper vs. Greenwich)
  • The Court will grant the application and consolidate the actions
  • The Court schedules the next Case Management Conference for January 2010.

(Compiled from court documents )

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2 Comments leave one →
  1. NewHorizon permalink
    January 4, 2010 11:37 am

    How many N’s is in Green(n)wich?

    While the Document Scanning Lead Sheets use “Greennwich”, the internals of a few case documents I’ve perused – including the original August 21st complaint – otherwise uses only one N.

    I think “Greenwich” is correct…?

  2. Admin permalink*
    January 4, 2010 1:14 pm

    I have seen both, but I think the correct spelling should only include one N. Thanks for pointing this out. I will correct the references in this post.

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