Mealey's Banking & Finance - Magistrate Denies Class Certification In Borrowers' Suit Against Sallie Mae

Mealey's Banking & Finance - Magistrate Denies Class Certification In Borrowers' Suit Against Sallie Mae

SAN FRANCISCO - A federal magistrate judge in California on March 24 denied class certification in a suit alleging that Sallie Mae Inc. illegally charged them late fees or excessive interest, finding that "[t]he proposed class definitions are circular and render the classes unascertainable" (Tina M. Ubaldi v. SLM Corp., No. 11-1320, N.D. Calif.; 2014 U.S. Dist. LEXIS 38587).

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