Bethune

Moody’s: Lending Club Class Action Case Is Credit Negative for Marketplace Loan ABS

A proposed class action against LendingClub Corporation is credit negative for asset-backed securities (ABS) backed by consumer loans originated through online platforms using a partner bank origination model, Moody’s Investors Service says in a new report. The lawsuit confirms that the owners of such loans face legal challenges over whether the loans are exempt from …