Student Loan Trust That Vexed Wall Street Must Face Agency Suit

A CFPB lawsuit against a trust managing hundreds of thousands of student loans can move forward after a federal judge ruled that the case was filed within the statute of limitations.

The U.S. District Court for the District of Delaware rejected arguments from the National Collegiate Master Student Loan Trusts that the 2017 lawsuit, alleging improper debt collection practices, was filed after the three-year statute of limitations had expired.

Representatives for the trusts argued that the clock on the statute of limitations started when the Consumer Financial Protection Bureau issued a civil investigative demand Sept. 4, 2014. The bureau officially ...