The information contained on this website is only a summary of the information presented in more detail in the Notice of (I) Proposed Settlement and Plan of Allocation: (II) Settlement Hearing; and (III) Motion for Attorneys' Fees and Litigation Expenses. Because this website is just a summary, you should review the Notice for additional details.
Summary of the Action and Settlement
This website relates to a securities class action (the “Action”) brought by the Court-appointed lead plaintiffs and class representatives Lord Abbett Affiliated Fund, Inc., Lord Abbett Equity Trust–Lord Abbett Calibrated Mid Cap Value Fund, Lord Abbett Bond-Debenture Fund, Inc., and Lord Abbett Investment Trust–Lord Abbett High Yield Fund (collectively, the “Lord Abbett Funds” or “Lead Plaintiffs”). The Action alleged, among other things, that defendants Navient Corporation (“Navient”), certain officers and/or directors of Navient (the “Individual Defendants”), and the underwriters on three debt offerings made by Navient in November 2014 and March 2015 (the “Underwriter Defendants, and together with Navient and the Individual Defendants, “Defendants”) violated the federal securities laws by making false and misleading statements concerning Navient’s business operations and financial results during the period from April 17, 2014 through December 28, 2015, inclusive. Defendants have vigorously denied and continue to deny each and all of the claims asserted against them in the Action and deny that the Classes (defined below) were harmed or suffered any damages as a result of the conduct alleged in the Action.
Lead Plaintiffs and Defendants have reached a Settlement of the Action for $35,000,000 in cash (the “Settlement”). On March 17, 2022, the Court held a hearing to consider final approval of the Settlement and related matters. Following the hearing, the Court entered a judgment finally approving the Settlement, an order approving the Plan of Allocation for the proceeds of the Settlement, and an order awarding attorney's fees and litigation expenses.
If you are a member of one or both of the Classes, you are subject to the Settlement. The Classes consist of:
For claims brought pursuant to the Securities Exchange Act of 1934 (the “Exchange Act Class”): all persons and entities who purchased or otherwise acquired Navient’s common stock or Navient call options, or sold Navient put options, from April 17, 2014 through September 29, 2015, inclusive (the “Exchange Act Class Period”)—and who were damaged thereby.
For claims brought pursuant to the Securities Act of 1933 (the “Securities Act Class”): all persons and entities who purchased or otherwise acquired Navient’s 5.000% Senior Notes due 2020 (CUSIP 63938CAA6), 5.875% Senior Notes due 2024 (CUSIP 63938CAB4), and 5.875% Senior Notes due 2021 (CUSIP 63938CAC2) (collectively, “Navient Senior Notes”) from November 6, 2014 through December 28, 2015, inclusive (the “Securities Act Class Period”)—and who were damaged thereby.
Excluded from both Classes are: Defendants, their officers and directors, all members of their immediate families, their legal representatives, heirs, successors, or assigns, and any entity in which Defendants have a majority ownership interest. Also excluded from the Classes are the persons and entities who excluded themselves by previously submitting a request for exclusion from the Classes in connection with the Notice of Pendency of Class Action (“Class Notice”) disseminated to potential Class Members beginning in May 2021. A list of the persons and entities who previously submitted a request for exclusion from the Classes in connection with the Class Notice (the “Opt-Out List”) is available on the Important Documents page of this website.
Please read the Notice to fully understand your rights and options. Copies of the Notice and Claim Form can be found in the menu at the top of this page.
Payments to eligible claimants will be made after the completion of all claims processing. Please be patient, as this process will take some time to complete.
|April 13, 2022
||Claim Filing Deadline. Claim Forms must be postmarked (if mailed), or submitted online, no later than April 13, 2022, to be eligible for a payment from the Settlement.
How do I obtain more information?
Detailed information about the Action is contained in the Notice available for download on the 'Notice' page on this website. Additional information can also be obtained by contacting the Claims Administrator by calling toll-free 1-833-358-1847 or emailing Info@NavientSecuritiesLitigation.com or mailing a letter to:
Navient Securities Litigation
c/o JND Legal Administration
P.O. Box 91402
Seattle, WA 98111
Inquiries should NOT be directed to the Court or the Clerk of the Court.