The latest stunt by Devry University and Keller Graduate School of Management? They are attempting to expunge billions of dollars of liability for saddling 300,000 students with a virtually worthless degree…for pennies on the dollar. But you don’t have to let them get away with it…
The disgraced for profit school reached a class action settlement this week where the school would agree to pay $45 million to some of its Devry and Keller graduates. While this may sound like a lot of money, it isn’t. There are a reported 323 million class members. This means the average recovery for these students will be less than $200 per student. While some students might be able to get a $1,000 “kicker” depending on their individual situation, that simply means some of the other graduates will get even less and those funds will simply be deducted from the “recovery” of other students. This is a sweetheart deal for Devry and Keller and the schools are clearly hoping a judge will “bless” (approve) it in order to allow them to eliminate billions in potential liabilities.
Fortunately, victims of Devry’s two fraudulent advertising campaigns can do something about it. They can either exclude themselves from the class action settlement or object to the terms of the deal. After extensively studying the terms of the announced potential settlement and talking to many of our 500 clients, we are recommending students exclude themselves from the settlement. We have also spoken to over 13 students already who are planning on objecting to the class action settlement with likely dozens more planning on doing the same.
Given many of our clients (and other non-clients of Stoltmann Law Offices) are saddled with over $100,000 in non-discharable Devry student loan debt, we believe this class action settlement is woefully inadequate. A few hundred dollars, or even $2,000 (before attorney fees are taken out) will have no material impact on our clients dire circumstances.
What to do?
- Call us to see if we can help you wipe out your student loan debt through individual arbitration claims against the school. We are separately suing Devry for each of our 500 clients. These clients cannot be forced into accepting pennies on the dollar for what are in many cases meritorious claims.
- Exclude yourself from the class action lawsuit. There are very specific steps that must be taken by the former Devry students including sending a letter to the court with their name, address and telephone number stating ‘I hereby request to be excluded from the proposed settlement class’ by a certain date.” We will assist you with this at no cost regardless of whether you are a client of ours or not.
- Object to the class action settlement. If enough victims get together, they can prevent this meager class action settlement from being approved. We will assist the people who wish to object to it at no cost to you.
Please call our law firm in Chicago, Illinois at 312-332-4200 for a no cost review by a lawyer as to all of your legal options or visit www.StudentLoanDebtSlave.com
Stoltmann Law Offices announces a $44.9 million proposed class action settlement involving DeVry University Inc. (“DeVry”) and Keller Graduate School of Management (“Keller”) has been reached and warns former DeVry and Keller students to strongly consider excluding themselves from the class action in order to pursue individual claims instead. The settlement will lead to a settlement for defrauded DeVry students of only $44.95 million. This works out to approximately $139 for each of the 323,000 class members. Stoltmann Law Offices is encouraging former DeVry students to either request an exclusion from the class action or object to its settlement.
According to Chicago attorney Andrew Stoltmann, who is currently representing over 500 defrauded DeVry students in individual actions against DeVry, students should “Contact our law firm to learn how to exclude yourself from this meager class action settlement and actually attempt to wipe out all of your debt from DeVry instead of eliminating only a few hundred dollars. The proposed class action settlement for DeVry students is woefully inadequate and it won’t put a meaningful dent in the massive sums owed by DeVry and Keller students.”
Stoltmann also notes, “In many instances, DeVry students who are currently saddled with massive debt and working dead-end ‘McJobs’ at Walmart, Verizon Wireless stores and Target were tricked into attending the school based on two central advertising claims that they would obtain employment in their field. These statements were false and misleading.”
According to Stoltmann, very specific steps must be taken by DeVry students in order to be excluded from this class action settlement. “Specifically, DeVry students need to request in writing they be excluded from the class action settlement, otherwise they will be barred from suing individually to secure a meaningful award that could actually wipe out their debt. There are specific steps that must be taken by the former students including sending a letter to the court with their name, address and telephone number stating ‘I hereby request to be excluded from the proposed settlement class’ by a certain date.”
Stoltmann Law Offices is currently representing over 500 former DeVry students who are saddled with over $50 million in life altering debt. These claims are filed as individual arbitration claims for former students of DeVry and Keller. They are seeking all debt be wiped out along with the recovery of attorney fees, costs, and punitive damages. All of these cases are being handled on a contingency fee basis meaning there are no attorney’s fees owed unless they win. Please call the law firm in Chicago, Illinois at 312.332.4200 or visit www.StudentLoandebtSlave.com for more information about suing DeVry individually and being excluded from the class action.
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