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Topics - PennySaved

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Investors - LC / LC Securities Litigation Class Action Settlement
« on: May 12, 2018, 01:33:11 PM »
I received in the mail today a Notice of Pendency and Proposed Settlement of Class Action for folks who purchased LC stock between December 10, 2014 through May 6, 2016.  I still have my 175 shares of LC stock purchased Dec 11, 2014 at $15 per share (now worth $3.32 per share).  Net recovery for class members is estimated to be $106.835 million.  So I am in the process of filling out the claim form which must be submitted no later than June 25, 2018.  I wondering if anyone else on the forum is making a claim and I had a few questions (below).

All the information I received in the mail about this proposed settlement can be found at
http://www.lendingclubsecuritiesclassaction.com/
The claim form instructions at
http://www.lendingclubsecuritiesclassaction.com/media/1352097/v5_lbs_poc_040518_final-web.pdf states:

II. CLAIMANT IDENTIFICATION
If you purchased or otherwise acquired LendingClub Corporation (“LendingClub”) common stock and held the certificate(s) in your name, you are the beneficial purchaser or acquirer as well as the record purchaser or acquirer. If, however, you purchased or acquired LendingClub common stock and the certificate(s) were registered in the name of a third party, such as a nominee or brokerage firm, you are the beneficial purchaser or acquirer, and the third party is the record purchaser or acquirer.

Use Part I of this form entitled “Claimant Identification” to identify each purchaser or acquirer of record (“nominee”), if different from the beneficial purchaser or acquirer of the LendingClub common stock that forms the basis of this claim. THIS CLAIM MUST BE FILED BY THE ACTUAL BENEFICIAL PURCHASER(S) OR ACQUIRER(S) OR THE LEGAL REPRESENTATIVE OF SUCH PURCHASER(S) OR ACQUIRER(S) OF THE LENDINGCLUB COMMON STOCK UPON WHICH THIS CLAIM IS BASED.


My shares were purchased through Fidelity Investments as the broker and remain in my Fidelity account so does that mean the certificates were registered in Fidelity’s name?  I assume I would be the “beneficial purchaser or acquirer” and that Fidelity would be the “record purchaser or acquirer.”  I am confused about where to put the name of the on the claim form (See page 3 of proof of claim and release of webpage above).  Below from the claim form are some of the fields I have questions about:

Last Name M.I. First Name (I would put my name here)

Check either IRA, Joint Tenancy, Employee, Individual, or Other (I would check individual, correct?)

Company Name (Beneficial Owner - If Claimant is not an Individual) or Custodian Name if an IRA (I would leave this blank, because I am the beneficial owner and I am an individual)

Trustee/Asset Manager/Nominee/Record Owner’s Name (If Different from Beneficial Owner Listed Above) (I would put Fidelity Investments here as record owner, correct?)

Account#/Fund# (Not Necessary for Individual Filers) (So do I include my Fidelity brokerage account number that shows my LC share information?  But it says not necessary for individual filers, and I am an individual filer, correct?  I have to submit with the claim form documentation showing my purchase of LC stock in December 2014 and my holdings as of May 6, 2016 and April 9, 2018 so I think it would be necessary/beneficial to show my account number)

My only documentation that I still had the stock as of April 9, 2018 is a copy of my online account balance-it does not show my name on the screen and only shows my partial account number.  The statements for this account are only issued quarterly and the next statement won’t be issued until June 30, 2018 and the claim must be submitted by June 25, 2018.  But my statements from December 31, 2014 and June 30, 2016 have my full account number, so I guess the claim reviewers can match up my online screen LC balance information to that account number.

I just want to make sure I don’t screw up something on submitting the claim form. According to page 15 of the Notice and Pendency and Proposed Settlement of Class Action (http://www.lendingclubsecuritiesclassaction.com/media/1352094/v7_lbs_notice_040518_final.pdf), I could get up to:

for shares retained at the end of April 9, 2018, the claim per share shall be $5.01 per share ($1.98 per share (25% of the decline from the $15.00 IPO price to the $7.10 May 6, 2016 closing price), plus $3.03 per share (the May 9, 2016 and May 10, 2016 market adjusted price declines)).

2
Investors - P / Change your Prosper password- Cloudflare hack
« on: February 25, 2017, 11:08:06 PM »
https://qz.com/918941/cloudflare-leaked-user-data-from-millions-of-websites-heres-how-to-check-if-you-were-affected/

Prosper.com was one of the websites purported to use Cloudflare.  Change your password.

3
Investors - LC / Lending Club to stop screen scraping?
« on: March 16, 2014, 04:24:52 PM »
This article says Lending Club third-party auto-investing with Lending Club, as it stands today, is going to be cut off. ??

http://www.lendingmemo.com/lending-club-auto-investing-screen-scraping/

I started using Interest Radar (IR) a few months back to Auto-Invest and I really like it.  I don't know much about programming and the behind the scenes of how it works, but does IR use screen scraping and will IR at some point, not be workable?  I was thinking about transferring some money to my LC Roth IRA from another Roth account, but without having a easy way to Auto Invest, I am a bit worried.  What do others think?

4
Investors - LC / Reporting charge offs on IRS Form 8949
« on: February 16, 2014, 01:57:52 AM »
I see in the 2013 federal tax instructions for reporting gains/losses on Form 8949, that "you do not have to report each transaction on a separate row of Part I or Part II, you can report them on an attached statement containing all the same information as Parts I and II and in a similar format (description of property, dates of acquisition and disposition, proceeds, basis, adjustment and code(s), and gain (or loss)). Use as many attached statements as you need.  Enter the combined totals from all your attached statements on Parts I and II with the appropriate box checked."

This will make it easier for me as it was very tedious filling in all the lines in Form 8949 last year for my 20+ Lending Club note chargeoffs.  I do my taxes by hand, although I do use the fillable computer forms. I have all the necessary data in spreadsheets, so I can easily make an attachment statement with a table of my chargeoff information derived from the spreadsheet.

This is my first year selling some notes (all original issue) on Folio, so I can have an attached table of data for those notes and only report the summary data for them on Form 8949.

Plus all my recovery amounts will get reported on Form 8949 too, so being able to do my own attached table for that will be nice instead of filling in the form.  I noted that Lending Club did not report recoveries on four of my notes (2013 chargeoffs) that I saw in the collection logs.  But I am just going to report to IRS the recoveries that Lending Club reported on the 1099-B so my data on tax forms matches up with the 1099-B.  I never got a response last year from Lending Club about discrepancies on the recoveries reported for 2012, so I am not going to sweat it for about $6 worth of 2013 recoveries not reported.  Maybe they plan to include them for next year.

I am looking for forward to Peter's update on Tax Reporting.  So I am still perusing my data and getting my tables of data ready for Form 8949.


5
Investors - LC / Lending Club fraudulent loan
« on: February 16, 2014, 01:20:00 AM »
I was doing some searches on the IRS site and came across this- someone who scammed Lending Club.  Wonder if it was one of my charge-offs?

Ohio Woman Sentenced for Financial Crimes
On December 5, 2013, in Akron, Ohio, Jocelyn Hale, of Cleveland, Ohio, was sentenced to 45 months in prison and ordered to pay $78,004 in restitution. Hale pleaded guilty in October 2013 to conspiracy to commit bank fraud, money laundering, conspiracy to commit wire fraud and mail fraud, and aggravated identity theft. According to her plea agreement, Hale used identities of several individuals without their authority, and assisted another defendant to defraud two banks and the Lending Club Corporation. Hale and her co-defendant funded two difference bank accounts with fraudulent checks totaling $13,027 and $6,172 and then attempted to quickly remove and launder the fraudulent proceeds. They then funded another bank account with illegally obtained funds from a fraudulently obtained Lending Club loan in the amount of $30,000. Once the illegal obtain funds were deposited, Hale and the co-defendant again quickly attempted to remove and launder those funds. Finally, Hale admitted to assisting the co-defendant to defraud the Ohio Department of Job and Family Services by filing false and fraudulent claims for unemployment benefits using a fictitious company and fictitious employees based on stolen identities.

http://www.irs.gov/uac/Examples-of-Financial-Institution-Fraud-Investigations-Fiscal-Year-2014

6
My corrected 1099-OID from Lending Club is posted on their site today.  I will have to persue and compare to my previously issued 1099-OID.  Still trying to understand how LC reports OID, especially for my chargeoffs. 

I was expecting some data for my 21 chargeoffs with loss of $400 plus for 2012 on the 1099-B.  But I only see six notes reported with a total of $1.90 sales price.  All Cost Basis reported as zero.  DUH?  I don't think I had any sales on Folio for 2012.  I thought this 1099-B form was supposed to get me out of reporting all the individual note bad debts on Form number 8xxx? attached to Schedule D.  I was hoping to have one number to report as loss on Schedule D.  I will have to wait until I get home from work to digest this new information.

7
Going over each of my charged-off loans in 2012 for tax reasons, I saw something interesting.  After one of my loans was charged off (borrower made only two payments) with principal remaining as $23.85, I noticed the collection log says a check payment was received.  But I don't see any further payment recorded.  So maybe check bounced?  Should I bother following up with Lending Club?  Anybody else encountered something like this?  Or does the money from the check now belong to the collection agency?

Loan ID 821507, Note ID 5602801

4/18/12 (Wednesday)   Received check payment
3/26/12 (Monday)   Borrower contacted Collections Agency
3/18/12 (Sunday)   Charged off. PAYMENT 120+ past due. Collections efforts exhausted. Recovery unlikely
3/14/12 (Wednesday)   Collections Agency sent email to borrower
2/28/12 (Tuesday)   Collections Agency attempted to contact borrower
1/26/12 (Thursday)   Collections Agency attempted to contact borrower
12/19/11 (Monday)   Collections Agency attempted to contact borrower
11/29/11 (Tuesday)   Collections Agency attempted to contact borrower
11/23/11 (Wednesday)   Collections Agency attempted to contact borrower
11/18/11 (Friday)   Collections Agency attempted to contact borrower
11/16/11 (Wednesday)   Engaged external collections agency
11/16/11 (Wednesday)   PAYMENT Failed
11/15/11 (Tuesday)   Sent email to borrower
11/15/11 (Tuesday)   Attempted to contact borrower (left voicemail)
11/11/11 (Friday)   Attempted to contact borrower (left voicemail)
11/10/11 (Thursday)   Attempted to collect payment
11/4/11 (Friday)   PAYMENT Failed
11/4/11 (Friday)   Notified borrower of failed payment (e-mail)
11/4/11 (Friday)   Attempted to contact borrower (left voicemail)

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