US Bank Sues Student Loan Co. Over $8M+ Default

Law360, New York (October 8, 2009, 2:13 PM EDT) -- U.S. Bank NA has slapped the Student Loan Financing Corp. with a breach of contract suit alleging it owes more than $8 million in outstanding debt on a pair of loans.

The suit, lodged Wednesday in the U.S. District Court for the District of Minnesota, claims SLFC's Employee Stock Ownership Plan Trust, a retirement plan under SLFC, defaulted on two loans — one worth about $3.5 million and the other about $5.25 million.

Aberdeen, S.D.-based SLFC is a secondary market for student loans, while Ohio-based U.S....
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