CIT Pays $3M To End AG's Probe Of Student Loan Unit

Law360, New York (May 11, 2007, 12:00 AM EDT) -- Student Loan Xpress Inc. and its parent company, CIT Group Inc., on Thursday reached an agreement with New York State Attorney General Andrew Cuomo, putting to rest his probe into SLX as part of his investigation of the $85 billion student loan industry.

Under the terms of the agreement, the companies will pay $3 million into Cuomo’s national fund aimed at educating high school students and their parents about student loans, and agreed to adopt Cuomo’s student loan code of conduct. CIT, a global financial services...
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