Student Loan Co. Faces Shareholder Derivative Suit

Law360, New York (August 29, 2008, 12:00 AM EDT) -- A federal judge has consolidated three shareholder derivative actions accusing officers and directors of the student loan securitization company, The First Marblehead Corp., of withholding material information about its exposure to the credit crisis that eventually led to a massive drop in the company's value.

Judge Joseph L. Tauro of the U.S. District Court for the District of Massachusetts ruled Thursday that because the three suits arise out of the same alleged transactions and involve similar issues of law, it makes sense to consolidate them to...
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