JPMorgan Chase & Co. said on Thursday it asked a Delaware court to dissolve its student-loan joint venture with Sallie Mae, saying the venture no longer has the incentive to promote Chase-branded loans.
The 1996 agreement allowed JP Morgan to originate Chase-branded student loans exclusively through the joint venture, while Sallie Mae would purchase and service those loans.
The filing, made in Delaware Chancery Court, notes Sallie Mae, a unit of SLM Corp., has evolved into a competitor to lenders like JPMorgan offering student loans directly.
For this complete story, please visit JPMorgan Asks Court to Dissolve Sallie Mae Deal.
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