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LendingClub calls for dismissal of shareholder lawsuit

LendingClub Corp. in July moved to dismiss a shareholder lawsuit against current and former officers of the company, according to its most recent quarterly filing.

The company argued that the suit, Sawyer v. Sanborn, was not filed within the applicable statute of limitations.

The court had ordered all parties involved in the action to participate in a mediation in May this year, but that mediation did not result in a settlement, according to LendingClub.

The action, which named LendingClub as a nominal defendant, alleged that certain of the company's current and former executive officers and directors issued false and misleading statements and omitted material information in the company's public filings and proxy statements.