Sleet Grants 'Do Over' for Investors' Complaint Over Student Loan Reporting
A Delaware federal judge on Wednesday gave class plaintiffs a second chance to file a complaint accusing Navient Corp. of underreporting to investors the number of delinquent accounts in its student loan portfolio, after tossing the first one for faulty pleading.
September 07, 2017 at 09:30 PM
3 minute read
The original version of this story was published on Delaware Law Weekly
A Delaware federal judge on Wednesday gave class plaintiffs a second chance to file a complaint accusing Navient Corp. of underreporting to investors the number of delinquent accounts in its student loan portfolio, after tossing the first one for faulty pleading.
In an eight-page memorandum, U.S. District Judge Gregory M. Sleet of the District of Delaware said that mutual fund manager Lord Abbett Affiliated Fund Inc.'s has until Nov. 5 to correct deficiencies in its 135-page complaint against the Wilmington-based spin off of Sallie Mae. The original filing, Sleet said, relied on “puzzle pleading” that at times made the document “very difficult” to follow.
Several times the complaint detailed at length alleged misstatements Navient and its officers had made regarding the company's business, only to follow with one paragraph explaining why the representations were false or misleading for investors, Sleet said.
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