Delaware Chancery Court Approves $10 Million Settlement in Student Loan Litigation

October 31, 2011

On October 31, 2011, the Honorable J. Travis Laster, Vice Chancellor of the Delaware Chancery Court, approved the $10 million settlement reached in In re The Student Loan Corporation Litigation. The Court commended plaintiffs' counsel for achieving a "rare" result, i.e., an 8.3% increase over the price negotiated by the special committee, and approved what it deemed "an excellent settlement for the class." The Court also praised counsel for a "well-litigated case," and concluded that the benefit conferred on the class "amply justified" the fee requested.

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