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09

Lending Club, Leading Online Lender, Says Its Chief Has Resigned

By Tony Seruga

Renaud Laplanche, the former chief of Lending Club, aboard the company’s racing trimaran sailboat. He was, in many ways, the face of Lending Club. CreditPiotr Redlinski for The New York Times

Lending Club, one of the largest online lending services, said on Monday that its chairman and chief executive, Renaud Laplanche, had resigned after an internal review showed a violation of the company’s business practices.

The company said that the case involved sales of $22 million in near-prime loans to a single investor. The company said the sale was made in a way that was against the investor’s express instructions. The company did not say how the deal defied the investor’s wishes, but added that the issue did not have to do with credit quality or pricing…

Lending Club, Leading Online Lender, Says Its Chief Has Resigned

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