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May 27, 2014
07:22 EDTESICharges against ITT Educational 'manageable if not minimal,' says Wells Fargo
After speaking with an attorney with expertise in the Consumer Financial Protection Bureau, Wells Fargo believes that the charges against ITT Educational levied by the bureau are probably "manageable, if not minimal for the company." The firm thinks the company would lose a maximum of $375M in a trial and it keeps a $34-$37 price target and Outperform rating on the shares.
News For ESI From The Last 14 Days
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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.

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