100K Borrowers Seek Cert. In Sallie Mae Student-Loan Case

Law360, San Francisco (March 4, 2014, 4:46 PM EST) -- Student-loan borrowers accusing Sallie Mae Inc. of illegally charging them late fees or excessive interest urged a California federal judge on Tuesday to certify a class of approximately 100,000 California borrowers, arguing they signed similar loan agreements that were ultimately administered by Sallie Mae.

Attorneys for the plaintiffs said that although the students took out loans from a variety of different banks, the vast majority of them were eventually controlled by Sallie Mae, making it the de facto lender. In addition, the loan agreements they signed...
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