Big Securities Case Deserves The Boot: Sallie Mae

Law360, New York (December 14, 2009, 3:27 PM EST) -- A consolidated, multibillion-dollar securities class action fails to allege that Sallie Mae principals made false statements about the strength of their loan loss reserves or knew they were making false statements, the student loan giant has argued in a newly filed motion to dismiss.

Friday's motion seeks to cut short plaintiff SLM Venture's amended lawsuit, filed in September in the U.S. District Court for the Southern District of New York.

In April District Judge William H. Pauley III appointed SLM Venture — a California-based joint venture...
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