LendingClub slapped with FTC lawsuit

Lending Club
By Sasha Padbidri
25 Apr 2018

The Federal Trade Commission (FTC) filed a lawsuit against LendingClub on Wednesday afternoon, alleging that the California-based online lender charged hidden fees and withdrew money from consumer bank accounts without authorisation.

The lawsuit was filed in the US District Court for the Northern District of California, San Francisco Division. On Wednesday afternoon, the FTC issued a statement saying that LendingClub had been warned several times about the hidden fee charge, but had not taken any action.

“Defendant lures prospective ...

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