Plaintiffs prevail on appeal
April 29, 2011
SECOND UPDATE: Director defendants petition California Supreme Court. Related post.
UPDATE: The court has posted its opinion. You can read it here.
In the ongoing saga of the proposed class action litigation against peer-to-peer (p2p) lender Prosper Marketplace (prosper.com), The California Court of Appeals, finding in favor of the lender plaintiffs, has reversed the previous order of the Superior Court to dismiss from the case those defendants known as the “outside director defendants.”
The notice, filed this evening, on the court’s web site simply states: The judgment is reversed. Plaintiffs shall recover their costs on appeal.
The posting of the court’s opinion is still pending.
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Don’t know if anybody remembers the Prosper Days ’06 Town Hall meeting where Mr. Kagle said of Prosper (emphasis mine), “Building a great company is a journey, it’s an adventure, it’s a privilege to be able to *PARTICIPATE* in it. We’re just getting started here. I can’t even imagine even spending a cycle for the next couple years thinking about what an exit might be financially. That’s completely off the radar screen.”
Yeah, he had his hands on a few Prosper levers.