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Richard Cordray
U.S. consumer bureau sues Corinthian, alleging predatory lending
U.S. consumer bureau sues Corinthian, alleging predatory lending

The U.S. Consumer Financial Protection Bureau sued Corinthian Colleges Inc. on Tuesday, alleging that the ailing Orange County for-profit college operator deceived tens of thousands of students through an "illegal predatory lending scheme." The lawsuit adds to a lengthy list of legal and regulatory woes for Corinthian, which announced in July that it would sell 85 of its campuses and close more than a dozen others amid a crackdown by the U.S. Education Department. In a federal court filing Tuesday, the consumer protection bureau alleged that Corinthian engaged in a widespread pattern of deception. It said that the company advertised bogus job placement rates to prospective...

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