LendingClub CEO Laplanche resigns after review of sale of near-prime loans

Lending Club Corp. said Monday that Chief Executive Renaud Laplanche is resigning after a review of sales of $22 million in near-prime loans to a single investor breached that investor's explicit instructions. "A key principle of the company is maintaining the highest levels of trust with borrowers, investors, regulators, stockholders and employees. While the financial impact of this $22 million in loan sales was minor, a violation of the company's business practices along with a lack of full disclosure during the review was unacceptable to the board," board director Hans Morris, who has......(read more)

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