June 18, 2021

Equity Owners Want To Intervene In $15B Student Loan Fight

Equity Owners Want To Intervene In $15B Student Loan Fight

Law360 (October 23, 2020, 6:46 PM EDT) — Owners of residual equity in a once-$15 billion fleet of student loan trusts asked to intervene late Thursday in a Chancery Court battle over oversight and collection of the trusts’ loans, citing a need to protect their right to sue over allegedly “horrific” loan mismanagement.

The suit, filed by interests of Vantage Capital Group founder David Uderitz, said the intervention was meant in part to protect claims in a related case from 2016. That action targeted supposedly billions in losses by the complex financial bureaucracy, which services 15 collateralized bundles of student loan trusts held under the National Collegiate Student Loan…

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