Violation Tracker Individual Record
Company:
ITT Technical Institute and PEAKS
Current Parent Company:
ITT Technical Institute
Penalty:
$330,000,000
Year:
2020
Date:
September 15, 2020
Offense Group:
consumer-protection-related offenses
Primary Offense:
consumer protection violation
Violation Description:
ITT Technical Institute, a defunct for-profit college, and PEAKS, its holding company, agreed to pprovide $330 million in loan forgiveness to resolve multistate litigation stemming from allegations of an illegal private student loan scheme that harmed borrowers by misdirecting them towards expensive loans that they struggled to repay.
Level of Government:
state
Action Type:
agency action
Agency:
Multistate Attorneys General Case
Civil or Criminal Case:
civil
HQ Country of Parent:
USA
HQ State of Parent:
Indiana
Ownership Structure of Parent:
out of business
Major Industry of Parent:
miscellaneous services
Specific Industry of Parent:
for-profit schools
Source Notes:
If an online information source is not working, check the Violation Tracker Data Sources page for an updated link.
Parent company note:
Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.
