Gibson Dunn Defends Microlender Affirm in Lawsuit Claiming Business Model Causes Excessive Consumer Debt, Costly Regulatory Oversight
This suit was surfaced by Law.com Radar. Read the complaint here.
December 20, 2022 at 12:35 PM
1 minute read
Michael D. Celio, Monica K. Loseman and Jay E. Mitchell from Gibson, Dunn & Crutcher have entered appearances for Affirm, a point-of-sale microlender that offers installment loans to retail shoppers, CEO Max Levchin and CFO Michael Linford in a pending securities class action. The complaint, filed Dec. 8 in California Northern District Court by Pomerantz LLP and Bronstein Gewirtz & Grossman, contends that the defendants' 'buy-now, pay-later' business model has caused excessive consumer debt, regulatory arbitrage and data harvesting, resulting in costly regulatory oversight. The case, assigned to U.S. District Judge William H. Orrick, is 3:22-cv-07770, Kusnier v. Affirm Holdings, Inc. et al.
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