Lord Abbett Affiliated Fund, Inc., et al. v. Navient Corporation, et al.
Navient Securities Litigation
C.A No. 16-112-MN (D.Del)

Welcome to the Navient Securities Litigation Website

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 pending 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 alleges, 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 proposed Settlement of the Action for $35,000,000 in cash (the “Settlement”), which is subject to the approval of the Court. 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 only if the Court approves the Settlement and a Plan of Allocation, only after any appeals are resolved, and after the completion of all claims processing. Please be patient, as this process will take some time to complete.

 

YOUR LEGAL RIGHTS IN THIS LAWSUIT:
SUBMIT A CLAIM FORM POSTMARKED (IF MAILED), OR ONLINE, NO LATER THAN APRIL 13, 2022. This is the only way to be eligible to receive a payment from the Settlement Fund.  If you are a Class Member, you will be bound by the Settlement as approved by the Court and you will give up any of the applicable Released Exchange Act Claims (defined in paragraph 41 of the Notice) and Released Securities Act Claims (defined in paragraph 42 in the Notice) that you have against Defendants and the other Defendants’ Releasees (defined in paragraph 44 of the Notice), so it is in your interest to submit a Claim Form.
OBJECT TO THE SETTLEMENT BY SUBMITTING A WRITTEN OBJECTION SO THAT IT IS RECEIVED NO LATER THAN FEBRUARY 24, 2022.  If you do not like the proposed Settlement, the proposed Plan of Allocation, or the request for attorneys’ fees and Litigation Expenses, you may write to the Court and explain why you do not like them.  You cannot object to the Settlement, the Plan of Allocation, or the fee and expense request unless you are a Class Member.
GO TO A HEARING ON MARCH 17, 2022 AT 2:00 P.M., AND FILE A NOTICE OF INTENTION TO APPEAR SO THAT IT IS RECEIVED NO LATER THAN FEBRUARY 24, 2022. Filing a written objection and notice of intention to appear by February 24, 2022 allows you to speak in Court, at the discretion of the Court, about the fairness of the proposed Settlement, the Plan of Allocation, and/or the request for attorneys’ fees and Litigation Expenses.  In the Court’s discretion, the March 17, 2022 hearing may be conducted by telephone or video conference (see paragraph 61 of the Notice).  If you submit a written objection, you may (but you do not have to) participate in the hearing and, at the discretion of the Court, speak to the Court about your objection.
DO NOTHING. If you are a Class Member and you do not submit a valid Claim Form, you will not be eligible to receive any payment from the Settlement Fund.  You will, however, remain a Class Member, which means that you give up your right to sue about the claims that are resolved by the Settlement and you will be bound by any judgments or orders entered by the Court in the Action.

 

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.

 

For More Information

Visit this website often to get the most up-to-date information.

Mail
Navient Securities Litigation
JND Legal Administration
PO Box 91402
Seattle WA 98111