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Affirm, a point-of-sale microlender that provides installment loans to retail consumers, CEO Max Levchin and CFO Michael Linford had been slapped with a securities class motion on Thursday in California Northern District Courtroom. The suit contends that the defendants’ ‘buy-now, pay-later’ enterprise mannequin has brought on extreme shopper debt, regulatory arbitrage and information harvesting, leading to pricey regulatory oversight. The grievance was filed by Pomerantz LLP and Bronstein Gewirtz & Grossman. Counsel haven’t but appeared for the defendants. The case is 3:22-cv-07770, Kusnier v. Affirm Holdings Inc. et al.
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