Buyer Group Files Counterclaims In Sallie Mae Suit

Law360, New York (October 15, 2007, 12:00 AM EDT) -- A group of prospective buyers being sued by Sallie Mae over allegations that they are shirking their obligation to purchase the student loan titan are asking a Delaware court to throw out the case and declare that the conditions to closing the proposed merger have not been satisfied.

The buyer group, which includes J.C. Flowers II LP, JPMorgan Chase Bank NA and Bank of America NA, filed its 45-page answer and counterclaims on Monday. The same day, the buyer group sent a letter to the Vice...
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