Reversal, Answer and Opposition

UPDATE: The outside directors’ answer to the third amended complaint is now available from the court’s web site.

On September 20, 2011, the Superior Court of California, in the action against Prosper Marketplace (Prosper.com). received the official word from the Court of Appeal, reversing its earlier decision to dismiss the outside director defendants (Breyer, Cheng and Kagle). This followed a failed attempt by the outside directors to appeal the reversal to the California Supreme Court.

With the outside directors back in the case, the outside directors filed their answer to the operative 3rd amended complaint on September 28, 2011.  No copy of this answer document is, as of yet, available from the court’s web site.

On this same date, Prosper Marketplace filed in opposition to plaintiffs’ amended motion for class certification.

You can find more details regarding developments in this case here.