Sallie Mae Drops Suit Against Banks

Law360, New York (January 28, 2008, 12:00 AM EST) -- As part of an arrangement that will net the company $31 billion in new financing, student lender SLM Corp. will drop the suit it filed against a prospective-buyer group that includes Bank of America and JPMorgan Chase to enforce the terms of a failed April 2007 merger deal.

SLM, better known as Sallie Mae, said it had received commitments for $31 billion in 364-day financing from a group of banks led by Bank of America NA, JPMorgan Chase Bank NA, Barclays Capital, Deutsche Bank, Credit Suisse,...
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