U.S. regulator settles lawsuit against ITT Educational, will not collect $60 million – WTVB
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The U.S. Consumer Financial Protection Bureau (CFPB) said on Monday it had reached a settlement with ITT Educational Services Inc over predatory lending practices, but does not plan to collect any of a $60 million judgment from the bankrupt for-profit college.
The proposed settlement stipulates that the bureau will not seek any funds through bankruptcy proceedings from ITT, citing the limited amount available to be distributed to former students. The settlement, filed in the U.S. District Court for the Southern District of Indiana also bars ITT, which filed for bankruptcy in September 2016, from providing student loans in the future.
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