These lawsuits are ongoing and will require further litigation. In the amended complaint, the parent company of Genworth Life Insurance Company of New York was dropped and replaced by the New York-based insurance company. Their claims are based on several laws, including the Pennsylvania Unfair Trade Practices and Consumer Protection Law. They alleged breach of contract and fraud, among other things. In the original complaint, plaintiffs sought damages exceeding $5 million. The plaintiffs also claim that the company is in breach of the law by not disclosing certain information to policyholders. They claim the increase was not applied uniformly to policyholders and they were unable to obtain reports on illustrative future death benefits or policy values. In a putative class-action lawsuit against the Genworth Life Insurance Company of New York, plaintiffs say the company is in breach of contract by imposing excessive increases in premiums. Class action lawsuit against Genworth Life Insurance Company of New York In addition, the company used false advertising to push borrowers into a costly forbearance and failed to inform them of the benefits of income-driven repayment plans. The company used this tactic to lure federal loan borrowers and fill the gap for those with government-backed loans. Until 2014, Navient, the parent company of Sallie Mae, gave private loans to students it knew could not pay them back. The lawsuit is about loan practices at Sallie Mae. In the meantime, investors are encouraged to take action and contact their state’s attorney general’s office for additional information. A federal district court judge in Manhattan approved a $35 million settlement agreement, but Sallie Mae did not admit fault. A group of investors filed suit against the company after they discovered a series of problems. Class action lawsuit against Sallie MaeĪ class-action lawsuit against Sallie Mae is underway in the United States. The lawsuit may only be settled when a judge gives his or her formal OK. In some cases, the plaintiff may not be able to win the lawsuit, while others may have to deal with a group of other customers. Although customers can file individual lawsuits, these suits can be complex. Nonetheless, the representative plaintiff received numerous calls from Navient that were based on false information and libelous statements.Īlthough these Navient class-action lawsuits do not cover all borrowers, they do involve multiple consumers and are often based on billing and collections practices. According to the plaintiff, the representative plaintiff listed his cell phone as a reference on his brother’s student loan application, but never gave Navient consent to call his phone. Class action lawsuit against NavientĪ class-action lawsuit against Navient was filed in October 2017 alleging that the company used an Automatic Telephone Dialing System to place calls without the borrowers’ consent. The company then underreported the expected losses and understated income from these loans. Instead of reducing losses, they wrote billions of dollars worth of private loans to high-risk borrowers. To maximize short-term profits and convince investors of favorable terms, the company’s executives doubled down on a risky strategy. Many individuals have been affected by Sallie Mae’s recent financial meltdown.
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