Wilson Sonsini Goodrich & Rosati partners Catherine E. Moreno and Caz Hashemi, head of the firm's litigation practice, have entered appearances for Upstart, a cloud-based AI lending platform, and certain Upstart officers in a pending securities class action. The case, filed May 13 in California Northern District Court by Glancy Prongay & Murray, accuses the defendants of failing to disclose that Upstart’s AI model could not adequately account for macroeconomic factors such as interest rates that impact the market-clearing price for loans. The case, assigned to U.S. District Judge Beth Labson Freeman, is 5:22-cv-02856, Ward v. Upstart, Inc. et al.
AI & Automation
July 06, 2022, 10:26 AM