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Tuesday, May 20, 2008

Silver State Lenders Added to Suit Targets

A San Francisco law firm has added two lenders to a lawsuit seeking to block loan collections against former students of Silver State Helicopters, according to The Sacramento Bee newspaper. Pinnacle Law Group is now suing Student Loan Xpress and American Education Services in California superior court in Oakland; it previously had filed suit against KeyBank. The suit alleges the lenders "knew or should have known" that Silver State was failing and shouldn't have made the loans in the first place. Silver State suddenly shut down Feb. 3, leaving many of its more than 2,500 students holding $70,000 tuition loans. The company demanded tuition payments upfront. The company is now being liquidated. For related news
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