Governance & Derivative

Navient Corporation (NasdaqGS: NAVI)

Former Attorney General of Louisiana, Charles C. Foti, Jr., Esq., a partner at the law firm of Kahn Swick & Foti, LLC (“KSF”), announces that KSF has commenced an investigation into Navient Corporation (NasdaqGS: NAVI).

Throughout 2017 and 2018, several civil lawsuits were filed against the Company by Attorneys General from Illinois, Pennsylvania, Washington, California and Mississippi and the U.S. Consumer Financial Protection Bureau (“CFPB”) and for violations of state and/or federal consumer protection laws, based on allegations of widespread acts of misconduct detrimental to borrowers of the loans it services. The Company has also received separate CIDs or subpoenas from the Attorneys General for the District of Columbia, Kansas, Oregon, Colorado, New Jersey, New York and Indiana on similar grounds.  In October 2020, the New Jersey Attorney General also filed suit against the Company for violation of New Jersey consumer protection laws, alleging that it is “engaged in unconscionable commercial practices, deceptive conduct, and misrepresentations when servicing thousands of New Jersey consumers’ student loans.”

The Company has also been sued in securities class action lawsuits for failing to disclose material information, violating federal securities laws.  Recently, a New Jersey federal judge certified the class in the consolidated case, allowing the case to proceed even further.

The actions of the Company’s executives have exposed it to potential penalties, fines and other financial losses from the numerous investigations and lawsuits by public officials, consumers and shareholders.

KSF’s investigation is focusing on whether Navient’s officers and/or directors breached their fiduciary duties to Navient’s shareholders or otherwise violated state or federal laws.

If you have information that would assist KSF in its investigation, or have been a long-term holder of Navient shares and would like to discuss your legal rights, you may, without obligation or cost to you, call toll-free at 1-877-515-1850 or email KSF Managing Partner Lewis Kahn (lewis.kahn@ksfcounsel.com), or fill out the form on this page.