Request Legal Help Now - Free

Advertisement
LAWSUITS NEWS & LEGAL INFORMATION
The 60 day lead plaintiff period for this case has expired. If you are a member of the class but are not the lead plaintiff, you are an absent class member and your rights are protected during the pendency of the class action, unless you elect to opt out. As an absent class member, to share in the recovery from this case, if the case resolves successfully, you will need to file a proof of claim after the case is settled.

SALLIE MAE 401(k) SAVINGS PLANS

On January 3, 2008, SLM Corporation ("Sallie Mae" or the "Company") disclosed that it would be cutting back on its core business of lending to students by being "more selective" in making students loans due to turmoil in the credit markets and a new federal law that slashed subsidies to the private companies that make government-backed student loans. On this news, Sallie Mae's stock dropped $2.49 per share to close at $16.67 per share. Sallie Mae and other administrators of the Sallie Mae 401(k) Savings Plans (the "Plans") may have breached their ERISA-mandated fiduciary duties of loyalty and prudence to participants and beneficiaries of the Plans. A breach may have occurred if the fiduciaries failed to manage the assets of the Plans prudently and loyally by investing the assets in Company stock when it was no longer a prudent investment for participants' retirement savings.

Sallie Mae employees who own Sallie Mae stock through the Plans may be able to recover some of their losses. If you or anyone you know is a member of the Sallie Mae Plans and purchased Sallie Mae stock through the Plans, please complete a Sallie Mae Complaint Form for a free evaluation.

Sallie Mae 401(k) Savings Articles

Sallie Mae 401(k): Their Stock Dropped, and Yours May Have, Too...
A move by Sallie Mae (SLM Corporation) to cut back on its core business has resulted in the corporation taking a stock hit. After the move was announced January 3, SLM Corporation stock dropped a sizeable $2.49 per share, closing at $16.67 per share.

Sallie Mae 401(k) Savings Plan Legal Help

If you or a loved one has suffered damages in this case, please click the link below to send your complaint to a lawyer to evaluate your claim at no cost or obligation.
Last updated on

LEGAL ARTICLES AND INTERVIEWS

Sallie Mae 401(k): Their Stock Dropped, and Yours May Have, Too...
Sallie Mae 401(k): Their Stock Dropped, and Yours May Have, Too...
February 12, 2008
A move by Sallie Mae (SLM Corporation) to cut back on its core business has resulted in the corporation taking a stock hit. After the move was announced January 3, SLM Corporation stock dropped a sizeable $2.49 per share, closing at $16.67 per share. READ MORE

READER COMMENTS

Posted by

on
My 401K lost thousands of dollars. I have 4,200 shares of SLM stock that are now worthless as they are well under the grant price. Since I was laid off, I have no opportunity to hold onto them in hopes the stock rebounds.

ADD YOUR COMMENT ON THIS ISSUE

Please read our comment guidelines before posting.


Note: Your name will be published with your comment.


Your email will only be used if a response is needed.

Are you the defendant or a subject matter expert on this topic with an opposing viewpoint? We'd love to hear your comments here as well, or if you'd like to contact us for an interview please submit your details here.

Request Legal Help Now! - Free