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 continues its investigation into Navient Corporation (NasdaqGS: NAVI).
Throughout 2017 and 2018, Navient was sued in several civil suits by the U.S. CFPB and Attorneys General from Illinois, Pennsylvania, Washington, California and Mississippi for violations of consumer protection laws based on allegations of widespread acts of misconduct toward loan borrowers. Recently, the court presiding over the PA suit refused to dismiss the case, allowing it to proceed.
In October 2017, the Company was sued in a securities class action lawsuit for failing to disclose material information, which is ongoing. In October 2018, the Company was sued in a consumer class action lawsuit for misleading borrowers regarding the terms and options available for their loans.
Recently, the court presiding over another securities class action lawsuit filed against the Company in 2016 for allegedly concealing the risk exposure in its loan holdings denied the Company’s motion to dismiss in part, allowing the case to proceed.
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.