All Consuming - Financial Litigation Insights: Issue 6, September 2020

Morrisey, Other AGs Reach $330 Million Agreement with Student Loan Company -

"West Virginia Attorney General Patrick Morrisey and 47 other attorneys general have reached a $330 million, multistate agreement with a student loan company accused of pressuring students into accepting loans they could not pay back."

Why this is important: ITT Technical Institute was a for-profit technical college that had 100+ locations across numerous states. PEAKS Trust 2009-1 provided a “temporary credit” in the form of a short-term loan payable nine months after issuance to allegedly meet the educational funding needs of ITT’s students. The Attorneys General alleged this funding was provided even though PEAKS “knew or should have known the students would not be able to repay the loan when it became due.” Students were then allegedly pressured into accepting PEAKS loans when their initial “credit” came due and they were unable to pay...

Please see full Newsletter below for more information.

LOADING PDF: If there are any problems, click here to download the file.

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Spilman Thomas & Battle, PLLC | Attorney Advertising

Written by:

Spilman Thomas & Battle, PLLC

Spilman Thomas & Battle, PLLC on:

Reporters on Deadline

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:
*By using the service, you signify your acceptance of JD Supra's Privacy Policy.
Custom Email Digest
- hide
- hide

This website uses cookies to improve user experience, track anonymous site usage, store authorization tokens and permit sharing on social media networks. By continuing to browse this website you accept the use of cookies. Click here to read more about how we use cookies.