Drexel Is First College Sued In Student Lending Probe

Law360, New York (April 19, 2007, 12:00 AM EDT) -- Philadelphia’s Drexel University will be the first college to face a lawsuit brought by New York Attorney General Andrew Cuomo in his ongoing probe into the $85-billion-a-year student loan industry.

Cuomo announced his intent Thursday to sue Drexel over its revenue-sharing agreements with student loan provider Education Finance Partners.

The New York attorney general said it had jurisdiction over Drexel in the matter because the university solicits and corresponds with New York students and their families, who rely on Drexel’s advice for preferred lenders.

Drexel received...
To view the full article, register now.

Law360 UK

UK Financial Services

Read Our Latest UK Legal News & Analysis

Financial Services Law360 UK and Insurance Law360 UK provide breaking news and in-depth analysis on U.K. and European Union regulation, enforcement, legislation, and litigation involving banks, investment firms, insurers, and more.