Direct Lending Investments, its former CEO Brendan Ross, and several co-defendants are facing a class action lawsuit after news of a major loss and alleged fraud became public. The plaintiffs are Marcia Kosstrin Trust and Professional Home Improvements Inc. Retirement Plan. They’re represented by Milberg Tadler Phillips Grossman LLP. The suit was filed in the Western Division of the Central District of California.
The plaintiffs allege the hedge fund improperly invested funds into a highly speculative telecom lending company which led to a nearly 25% loss in investor capital in addition to the fund misrepresenting the performance of an investment in an online small business lending platform.
The platintiffs believe that several hundred other investors have been harmed and are seeking all forms of recovery allowed under law and equity.
The case ID is: 2:19-cv-02452-JAK-MRW