The Student Loan Marketing Association said it filed suit against a group of dissident board members who are vying for control of the company.
Sallie Mae asked a federal judge in Washington to invalidate a planned May 9 shareholder vote that could give the dissidents control of the company as it casts off its government charter.
“The lawsuit is about clarifying for shareholders what they’re voting on” at the May 9 meeting arranged by the dissident group, said Rich Brusca, an attorney with Skadden, Arps, Slate, Meagher & Flom who is representing the company. The meeting is invalid without the board’s approval, as is everything that’s decided there, he said.
The suit is the latest skirmish in a two-year battle for control of the company between Sallie Mae management and the dissidents.