Lawsuit likely over failed crowdfunding project

Zano drone

The rights and obligations of businesses who raise money via crowdfunding may soon be tested in UK courts, by backers of the failed Zano drone project. As we reported in November, the project went into voluntary liquidation, having delivered only 600 drones out of a target of 15,000.

Now, some backers are discussing a class action lawsuit with specialist litigation firm Edwin Coe LLP. 

Seedrs is First Mover on Title III Crowdfunding

Jeff Lynn speaking at Another Crowd

Seedrs has already announced its intention to launch in the United States, following the SEC's approval of JOBS Act Title III rules last Friday. Private Equity Wire reported that the London-based equity crowdfunding platform will commence a beta test of its crowdfunding platform 'within weeks', with a view to an official launch early in 2016.

Times declares crowdfunding 'A Scandal'

Have the crowdfunders upset somebody? It seems we might have. The Times, traditionally England's newspaper of record, published an article headlined "Crowdfunding is a 'scandal waiting to happen'" and illustrated it with a large picture of Zopa founder Giles Andrews. 

screen shot of Bruce Davis' tweet

Zopa is the UK's oldest peer-to-peer lender, and this week its cumulative lending passed the one billion mark.