Lending Club under probe by U.S. Justice Dept, receives subpoena

The U.S. Department of Justice has opened an investigation of Lending Club Corp , the online lender whose chief executive, Renaud Laplanche, was forced out last week after an internal probe found the company had falsified documentation when selling a package of loans. The company also said in a quarterly filing with the Securities and Exchange Commission on Monday that a number of its large investors had halted investments in Lending Club loans in the wake of Laplanche's resignation, which could have a material effect on the company's performance going forward. Lending Club said it did not know what impact the slowdown in investment will have going forward or whether the investors will return.

Original story here.

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