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Sallie Mae: Scholarship America
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On Monday, Sallie Mae filed a lawsuit in the Delaware Chancery Court seeking a breakup fee of $900 million from the buyers' consortium. The consortium includes private equity firms J.C. Flowers & Co and Friedman Fleischer and Lowe, and major banks JP Morgan Chase & Co (JPM.N: Quote, Profile, Research) and Bank of America Corp (BAC.N: Quote, Profile, Research).
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SLM (nyse: SLM - news - people ), better known as Sallie Mae, announced late Monday that it has filed a lawsuit against its group of buyers, which includes private equity firm J.C. Flowers, JPMorgan Chase (nyse: JPM - news - people ), and Bank of America (nyse: BAC - news - people ). The lawsuit pressures the group to either complete a deal announced earlier this year or pay a break-up fee of $900 million.
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UBS Investment Bank served as lead financial adviser to Sallie Mae and its transaction committee, which was ... advised by Sandler O'Neill + Partners L.P. and Greenhill & Co. JPMorgan and Banc of America served as financial advisers for the investor group. © Reuters 2007. All Rights Reserved.
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