United Education Named in Suit: United Education...
United Education Named in Suit: United Education & Software was named a co-defendant in an ongoing suit in Delaware because of its role in a series of problems involving student loans. Last year a federal review uncovered the problems in a UES unit that was servicing student loans. The government later said it would not pay for the bad loans that the Encino-based firm had serviced. Bank of America was a trustee for bonds issued by third parties to buy the student loans. The amended suit, brought by BankAmerica Corp. shareholders, seeks to terminate a 1988 contract by which the bank took over UES’ student loan operation.
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