Sallie Mae Drops Suit Against Banks

Law360 (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,...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.