$15B Student Loan Funds Group Sues For Control, Damages

Law360, Wilmington (March 12, 2018, 8:32 PM EDT) -- A $15 billion fleet of student loan trusts asked Delaware's Chancery Court on Friday to bar new lawsuits against its 800,000 borrowers and award damages for costs incurred after key trust administrators and servicers allegedly hijacked and mismanaged the business.

In the breach of contract and related claim suit, attorneys for the 15 National Collegiate Student Loan Trusts involved also sought replacement of a key loan servicer and repayment of trust-funded legal fees paid to GSS Data Services Inc., U.S. Bank NA, Turnstile Capital Management LLC and Transworld Systems Inc. as part of their control battle.

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