Student Loan Co. Hit With Suit Over $300M Tax Bill

Law360, Los Angeles (October 23, 2013, 7:23 PM EDT) -- A shareholder of First Marblehead Corp. slapped the student loan company with a derivative suit in Massachusetts federal court on Wednesday, saying the board of directors had improperly exposed the company and shareholders to a $300 million tax bill, costing the shareholders nearly all of their value.

Shareholder Holly Noel filed a complaint alleging the board knew it should have been more careful in calculating its tax writeoffs yet paid its members a bonus for an anticipated $430 million writeoff that was later nixed by the...
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Case Information

Case Title

Noel v. Meyers et al

Case Number




Nature of Suit

Stockholders Suits


Patti B. Saris

Date Filed

October 23, 2013


Government Agencies

UK Financial Services

UK Financial Services

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