Student Loans - Student Loan Corporation Under Investigation

The Briscoe Law Firm, PLLC, and the law firm Powers Taylor, LLP are currently conducting an investigation into potential legal claims against the Board of Directors of the Student Loan Corporation, regarding the proposed acquisition of the Student Loan Corporation by Discover Financial Services, which was announced on September 17, 2010. Also being considered is a separate but related transaction which involves the sale of $28 billion in securitized federal student loans by the Student Loans Corporation to Sallie Mae, as well as the sale of around $8.7 billion in federal and private student loans and assets to Citibank.

Under the terms of the acquisition agreement between the Student Loans Corporation and Discover Financial Services, STU shareholders are set to receive $30 in cash for each share of Student Loan/STU common stock they hold. This acquisition deal has been valued at around $600 million, and the Briscoe Law Firm, PLLC and Powers Taylor, LLP aim to investigate any possible breaches of fiduciary duty, as well as any other violations of state law by the Board of Directors of STU for their actions in granting approval for this transaction. Owners of Student Loan/STU shares who wish to obtain additional information regarding this investigation, as well as individuals who have information that would be useful to this investigation, are requested to contact Patrick Powers at Powers Taylor, LLP ([email protected]) or Willie Briscoe at The Briscoe Law Firm ([email protected])