Magaziner, Shareholders Demand Answers from Navient in Student Debt Crisis
Thursday, May 03, 2018
Rhode Island treasurer Seth Magaziner is leading a group of investors in demanding answers from Navient, the country’s largest student loan servicer, regarding its role in the national student debt crisis.
This comes after Navient attempted to block shareholders from voting on his proposals by appealing to the U.S. Securities and Exchange Commission.
"The student loan crisis is threatening the financial security of millions of Americans. It is our duty as shareholders to ensure that student loan servicers have a credible plan for how to address growing levels of debt and delinquency,” said Magaziner.
GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLASTShareholders will have the opportunity to vote on Treasurer Magaziner's proposal, which is item four on Navient's 2018 proxy statement, at the company's annual meeting on May 24, 2018, in Wilmington, Delaware.
Demanding Answers
Magaziner and co-filer AFL-CIO are asking Navient Corporation to publish a report on recent government measures taken to monitor and manage risks arising from the growing student loan debt crisis.
Navient is currently facing lawsuits from the Consumer Finance Protection Bureau, Washington State, Illinois, and Pennsylvania, alleging that it harmed student loan borrowers.
The company is also facing a class action lawsuit from investors alleging that it made false and/or misleading statements and engaged in deceptive practices to facilitate the origination of subprime student loans.
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