Former Attorney General of Louisiana, Charles C. Foti, Jr., Esq., a partner at the law firm of Kahn Swick & Foti, LLC (“KSF”), announces that KSF has commenced an investigation into Navient Corporation (NasdaqGS: NAVI).
Throughout 2017 and 2018, the Company was named as a defendant in several civil lawsuits filed by the U.S. Consumer Financial Protection Bureau and Attorneys General from Illinois, Pennsylvania, Washington, California and Mississippi for violations of state and federal consumer protection laws, based on allegations of widespread acts of misconduct detrimental to borrowers of the loans it services. On October 16, 2017, the Company was sued in a securities class action lawsuit for failing to disclose material information, violating federal securities laws, which is ongoing. On October 3, 2018, the Company was sued in federal court in a consumer class action lawsuit for misleading borrowers regarding the terms and options for their loans in violation of numerous state and federal laws. Recently, media reports revealed a Department of Education audit that found Navient had boosted its profits by steering borrowers into higher-cost repayment plans.
The actions of the Company’s executives have exposed it to potential penalties, fines and other financial losses from the numerous investigations and lawsuits by public officials, consumers and shareholders.
KSF’s investigation is focusing on whether Navient’s officers and/or directors breached their fiduciary duties to Navient’s shareholders or otherwise violated state or federal laws.
If you have information that would assist KSF in its investigation, or have been a long-term holder of Navient shares and would like to discuss your legal rights, you may, without obligation or cost to you, call toll-free at 1-877-515-1850 or email KSF Managing Partner Lewis Kahn (lewis.kahn@ksfcounsel.com), or click here.