Navient Faces Certified Stockholder Class Over Loan Servicing

The District of New Jersey on Thursday granted class status to Navient Corp. stockholders who allege they were injured when the company knowingly lied about its scheme of steering borrowers into more lucrative forbearance status rather than pointing them toward income-driven repayment plans.

The court certified a class of all persons or entities who acquired Navient stock between Jan. 18, 2017, and Nov. 20, 2018, and who were injured when the stock price dropped.

Although the exact number of shareholders in the class is unknown, the numerosity requirement is satisfied because Navient is a nationally traded security, Judge Robert ...