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FISHER v. SANBORN

C.A. No. 2019-0631-AGB.

MATTHEW FISHER, Derivatively on Behalf of LENDINGCLUB CORPORATION, Plaintiff, v. SCOTT SANBORN, THOMAS W. CASEY, BRADLEY COLEMAN, SAMEER GULATI, JOHN C. MORRIS, DANIEL T. CIPORIN, SIMON WILLIAMS, TIMOTHY J. MAYOPOULOS, KENNETH DENMAN, PATRICIA McCORD, LAWRENCE SUMMERS, JEFFREY CROWE, JOHN J. MACK, and MARY MEEKER, Defendants, and LENDINGCLUB CORPORATION, a Delaware corporation, Nominal Defendant.

Court of Chancery of Delaware.

Date Decided: March 30, 2021.

Attorney(s) appearing for the Case

Blake A. Bennett , COOCH AND TAYLOR, P.A., Wilmington, Delaware; Brian J. Robbins , Stephen J. Oddo , Emily R. Bishop , ROBBINS LLP, San Diego, California; Attorneys for Plaintiff Matthew Fisher.

A. Thompson Bayliss , Joseph A. Sparco , ABRAMS & BAYLISS LLP, Wilmington, Delaware; James N. Kramer , Alexander K. Talarides , ORRICK HERRINGTON & SUTCLIFFE LLP, San Francisco, California; Attorneys for Defendants Scott Sanborn, Thomas W. Casey, Bradley Coleman, Sameer Gulati, John C. Morris, Daniel T. Ciporin, Simon Williams, Timothy J. Mayopoulos, Kenneth Denman, Patricia McCord, Lawrence Summers, Jeffrey Crowe, John J. Mack, Mary Meeker, and Nominal Defendant LendingClub Corporation.

MEMORANDUM OPINION

A stockholder of LendingClub Corporation asserts in this derivative action that the company's directors breached their fiduciary duty of loyalty and unjustly enriched themselves by utterly failing to implement a board-level monitoring system and consciously disregarding their duty to oversee LendingClub...

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