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June 9, 2014
09:16 EDTSLM, APOL, NNI, FMD, COCO, CECO, BPI, ESI, DV, LOPE, STRA, APEIObama to ease student debt burden, NY Times reports
President Obama will announce a number of steps to ease the burden of student loan debt, including allowing an estimated 5M additional debtors to benefit from a cap of their repayments at 10% of their income, The New York Times reported on Saturday. The president is expected to announce the initiatives later today, the newspaper stated. Comapneis that lend to students include First Marblehead (FMD), Nelnet (NNI), and SLM Corp (SLM). Publicly traded for-profit education comapnies include American Public Education (APEI), Apollo Education (APOL), Bridgepoint Education (BPI), Career Education (CECO), Corinthian Colleges (COCO), DeVry (DV), Grand Canyon Education (LOPE), ITT Educational (ESI) and Strayer (STRA).
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November 24, 2015
13:14 EDTESIJudge grants preliminary approval to $16.9M settlement in ITT Educational suit
A federal judge has granted preliminary approval to an approximately $16.96M cash settlement achieved by Lead Plaintiffs Plumbers and Pipefitters National Pension Fund and Metropolitan Water Reclamation District Retirement Fund with defendants ITT Educational Services, Inc., and two of its officers, Daniel M. Fitzpatrick and Kevin M. Modany.The proposed settlement approved by Judge J. Paul Oetken, of the United States District Court for the Southern District of New York, on Monday, Nov. 23, resolves securities fraud claims asserted under Section 10(b) and 20(a) of the Securities Exchange Act of 1934 by the Plumbers and Pipefitters National Fund and Metropolitan Water Retirement Fund against the defendants for alleged material misrepresentations and omissions concerning the company's liabilities under certain risk-sharing agreements it had entered into with third-party student enders of ITT student loans. The proposed $16.96M cash settlement will benefit a putative class of persons and entities who purchased or otherwise acquired ITT Educational Services, Inc., common stock between April 24, 2008, and Feb. 25, 2013. In the order issued on Nov. 23, Judge Oetken also gave authorization for the class notice to be issued to class members. A court hearing will be held on March 8, 2016, to determine whether the settlement should be given final approval and to hear any objections to the settlement.
November 23, 2015
18:42 EDTAPOLS&P announces changes to the S&P 400, 500, 600 indices
S&P Dow Jones Indices will make the following changes to the S&P 500, S&P MidCap 400 and S&P SmallCap 600 indices: CSRA (CSRA) will be added to the S&P 500 after the close of trading on Friday, November 27, replacing Computer Sciences (CSC), which will be removed from the S&P 500 after the close of trading on Monday, November 30. CSRA will be added to the S&P 500 on a zero price basis reflecting its spin-off from Computer Sciences. Following the spin-off, the Computer Sciences stub will replace Apollo Education Group (APOL) in the S&P MidCap 400. Computer Sciences' post spin market capitalization will be more representative of the mid-cap market space. Apollo Education is ranked at the bottom of the S&P MidCap 400 Phibro Animal Health (PAHC) will replace Pericom Semiconductor (PSEM) in the S&P SmallCap 600 after the close of trading on Wednesday, November 25. S&P SmallCap 600 constituent Diodes (DIOD) is acquiring Pericom Semiconductor in a deal expected to be completed soon pending final conditions.
17:23 EDTAPOLCSC to replace Apollo Education in S&P 400 as of 11/30 close
November 16, 2015
16:24 EDTNNINelnet agrees to acquire fiber operator ALLO for roughly $46M
Nelnet announced it has agreed to acquire ALLO Communications, a Nebraska-based telecommunications company offering fiber optic service. The transaction is expected to close in 4Q15. ALLO will become a subsidiary of Nelnet and retain its brand identity. ALLO president Brad Moline and network operations EVP Jeff Kuenne will continue to lead ALLO, said Nelnet. Under the terms of the agreement, Nelnet will pay $46.25M for 92.5% of the outstanding equity and membership interests of ALLO. The remaining 7.5% of the equity and membership interests of ALLO will be owned by its management, who will also have the opportunity to earn additional equity based on the performance of the company. Nelnet noted it anticipates investing significant capital to continue expanding the ALLO fiber network in existing service areas and in other communities.

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