Sallie Mae Sues Buyout Group For $900M

Law360, New York (October 9, 2007, 12:00 AM EDT) -- SLM Corp.—better known as Sallie Mae—has filed a lawsuit seeking $900 million in damages from a group of prospective buyers, including Bank of America NA and JP Morgan Chase Bank NA, accusing the buyer group of shirking its obligation to go through with a proposed $26 billion deal to acquire the student loan giant.

Sallie Mae filed the lawsuit in the Court of Chancery in the State of Delaware on Monday, naming J.C. Flowers II LP, JPMorgan Chase Bank, Bank of America, Mustang Holding Co. Inc....
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