Sallie Mae has agreed to drop a lawsuit against a group of investors that backed out of buying the student lender and received a commitment from seven banks to refinance $31 billion worth of debt. In dismissing the suit, Sallie Mae will part with an effort to obtain a $900 million breakup fee from the investment group led by private-equity firm J.C. Flowers. JP Morgan Chase and Bank of America, which were part of the investment group, are among the banks that put together the new financing for Sallie Mae.
January 29, 2008 at 12:00 AM
1 minute read
The original version of this story was published on National Law Journal
Sallie Mae on Monday said it agreed to drop its lawsuit against a group of investors that backed out of buying the student lender and received a commitment from seven banks to refinance $31 billion worth of its debt.
In dismissing the suit, Sallie Mae will part with an effort to obtain a $900 million breakup fee from the investment group led by private-equity firm J.C. Flowers & Co.
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