LendingClub Corporation (LC) Accused of Making Misleading Customers

According to the complaint, since February 28, 2015, LendingClub Corporation (LC) has made false and misleading statements concerning its business operations, treatment of customers, and compliance with federal laws. LendingClub publicly asserted and filed statements with the U.S. Securities and Exchange Commission stating that its services contained "no hidden fees" despite the fact that fees were deducted upfront. Further, LendingClub regularly made unauthorized and improper electronic bank account withdrawals from its customers without its customers' consent or notice. This behavior has resulted in the filing of a Federal Trade Commission complaint alleging consumer protection violations against LendingClub and a federal securities class action against certain officers and directors for violations of the Securities Exchange Act of 1934 for issuing false and misleading statements.

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