Richards filed
a
lawsuit in
September
2021
alleging
that
she
was
discrimination
against
by
the
lender,
its
former
CEO
Anthony
Hsieh
and
former
general
counsel
Peter
Macdonald
after
blowing
the
whistle
on
what
she
called
illegal
company
practices.

Richards
alleged
that
the
lender
closed
thousands
of
loans
without
proper
documentation
to
boost
its
performance
ahead
of
its initial
public
offering (IPO)
on
the New
York
Stock
Exchange.
She
also
claimed
a
“misogynistic
frat”
culture
permeated
the
halls
of
the
Orange
County
lender.

The
claims
against
Hsieh
and
Macdonald
were
dismissed
early
in
the
legal
saga,
and
in
recent
months
the
judge
threw
out
the
claims
related
to
wrongful
termination,
various
employment
claims
and
loan
origination
practices,
loanDepot
said.

On
Friday,
a
California
jury
found
loanDepot
not
guilty
on
the

final
remaining
claims
involving
gender
discrimination
and
constructive
discharge.

“We
are
pleased
with
the
jury’s
unanimous
decision,
which
has
vindicated
our
position
on
this
case
from
the
beginning,”
loanDepot
CEO
Frank
Martell
said
in
a
statement.
“We
take
great
pride
in
our
commitment
to
fostering
a
professional
workplace
where
we
respect
our
colleagues
and
customers
in
the
communities
where
we
live
and
work.”

“We
remain
focused
on
the
important
work
of Project
North
Star,
which
lays
the
foundation
for
a
very
positive
trajectory
in
2025
and
beyond,”
he
added.

Richards,

now
an
executive
at

Kind
Lending,
and
her
attorney,
James
Bryant,
did
not
immediately
respond
to
a
request
for
comment.

A
legal
representative
for
loanDepot
on
Monday
said
the
allegations
made
by
Richards
were
“very
damaging”
and
they
were
“eager
to
turn
the
page”
on
the
legal
saga,
which
began
more
than
three
years
ago.

“It’s
been
quite
a
long
time
and
there
are
human
beings
who
are
impacted
by
this
litigation,”
the
rep
said.
“I’m
sure
that
those
folks
can
take
a
sigh
of
relief.
And
more
importantly,
there
are
over
5,000
loanDepot
employees
whose
work,
in
many
ways,
was
questioned
by
Ms.
Richards.
So
I
believe
it’s
even
more
important
for
all
of
team
loanDepot
to
feel
vindicated
for
the
good
work
that
we
do
and
for
the
good
work
that
we
do
for
our
customers.”

A
spokesperson
for
loanDepot
added
that
there
were
internal
investigations
into
the
company’s
loan
origination
practices
as
a
result
of
Richards’
claims.


Fannie
Mae,


Freddie
Mac,
the

SEC
and

CFPB
also
scrutinized
the
loans
and
found
no
evidence
of
wrongdoing,
the
spokesperson
said.

loanDepot’s

countersuit
against
Richards,
which
alleges
she
stole
confidential
information,
remains
ongoing.