National Collegiate Student Loan Trusts
On September 18, 2017, the Bureau filed a complaint and proposed consent judgment against the National Collegiate Student Loan Trusts (Trusts). The Bureau’s complaint, amended in April 2021, alleged that the Trusts engaged in deceptive and unfair acts and practices in violation of the Consumer Financial Protection Act of 2010. Several entities intervened to object to the proposed consent judgment, and on May 31, 2020, the court denied the Bureau’s motion to approve the proposed consent judgment.
On December 13, 2021, the court denied defendants’ motion to dismiss the Bureau’s amended complaint, and on February 11, 2022, the court certified two holdings in its opinion for interlocutory appeal to the Third Circuit. The Third Circuit granted the petition to appeal, and issued an opinion on March 19, 2024. On January 16, 2025, the Bureau filed a proposed stipulated final judgment. On February 18, 2025, third parties objected to the proposed settlement.
On April 25, 2025, the parties filed a joint stipulation voluntarily dismissing the action against all defendants with prejudice, and the court terminated the case on April 29, 2025.
Related documents
Opinion on Interlocutory Appeal
Proposed Stipulated Final Judgment and Order
Joint Stipulation of Voluntary Dismissal with Prejudice