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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