Arrow-right Camera

The Spokesman-Review Newspaper The Spokesman-Review

Friday, October 30, 2020  Spokane, Washington  Est. May 19, 1883
Partly Cloudy Day 38° Partly Cloudy
News >  Nation/World

Sallie Mae Files Suit Against Dissidents

Compiled From Wire Services

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.

The Spokesman-Review Newspaper

Local journalism is essential.

Give directly to The Spokesman-Review's Northwest Passages community forums series -- which helps to offset the costs of several reporter and editor positions at the newspaper -- by using the easy options below. Gifts processed in this system are not tax deductible, but are predominately used to help meet the local financial requirements needed to receive national matching-grant funds.

Subscribe to the Coronavirus newsletter

Get the day’s latest Coronavirus news delivered to your inbox by subscribing to our newsletter.


New health insurance plans available Nov. 1 through Washington Healthplanfinder

 (Photo courtesy WAHBE)
Sponsored

Fall means the onset of the cold and flu season.