December 5, 2017
Bernstein Liebhard LLP is investigating whether the Board of Directors of Navient Corporation (“Navient” or the “Company”) (NASDAQ: NAVI) breached their fiduciary duties to the Company’s shareholders.
Navient holds the largest portfolio of education loans insured or federally guaranteed under the Federal Family Education Loan Program. Navient also holds, and services, a portfolio of Private Education Loans.
Bernstein Liebhard is investigating allegations by the Pennsylvania Attorney General that Navient and its subsidiary Navient Solutions, LLC committed widespread abuses in Navient’s student loan origination and servicing segments, as well as deceptive lending practices. Among other things, the Pennsylvania AG alleges that Navient made predatory loans to students attending for-profit or non-profit colleges with graduation rates lower than 50 percent – despite clear expectations that an extremely high percentage of students would not be able to repay them; increased its misleading subprime lending, while disregarding evidence that these loans would likely default at extraordinarily high rates; and steered student borrowers into short-term loan forbearances that instead continued for the long term – accruing interest and adding to the loans’ principal that students were required to repay.
Bernstein Liebhard LLP has pursued hundreds of securities, consumer, and shareholder rights cases and recovered over $3.5 billion for its clients. The Firm has been named to The National Law Journal’s “Plaintiffs’ Hot List” thirteen times.