Robbins Arroyo LLP: Navient Corporation (NAVI) Violated the Law According to a Recently Filed Class Action
Robbins Arroyo LLP announces that a class action complaint was filed against Navient Corporation (NasdaqGS: NAVI) on behalf of all individuals with a student loan serviced by Navient and/or any of its predecessors between January 1, 2010 and the present who were placed in forbearance. The complaint is brought for alleged violations of the Delaware Consumer Fraud Act and the New York General Business Law §349. Navient provides financial products and services in the United States.
Navient Accused of Unjustifiably Pushing Its Borrowers Into Forbearance
According to the complaint, Navient actively advertised that it assisted and educated borrowers about their repayment options for their student loans, including helping to find lower monthly payment options. Navient also encouraged borrowers to contact it for help with choosing an appropriate repayment plan for their circumstances. However, the complaint alleges that rather than helping its customers as the company advertised, Navient pushed borrowers into forbearance, in turn allowing the company to save on expenses by skimping on the number of customer service representatives it hired and reducing the length of average call times. Navient’s self-interested approach hurt borrowers by ignoring income-driven repayment options—designed for those experiencing long-term financial hardship—in favor of those plans that financially served the company. In addition to the consumer class action, shareholders have brought lawsuits against the company for engaging in fraudulent accounting practices and misconduct in servicing student loans. These complaints seek millions of dollars in damages from the company.
Navient Shareholders Have Legal Options
Concerned shareholders who would like more information about their rights and potential remedies can contact attorney Leonid Kandinov at (800) 350-6003 or you can complete the form below and we will contact you directly.