October 23, 2017

Reuters: Warren seeks SEC probe of trading in shares of loan servicer Navient

Senator Elizabeth Warren wants the U.S. Securities and Exchange Commission to investigate whether someone profited on inside information regarding the student loan servicer Navient Corp and its dealings with the federal government.

In a letter sent to the SEC on Monday, Warren requested an insider trading probe of three large trades made in that company's stock hours before a congressional committee disclosed that a regulator feuding with the company would no longer have access to certain information about it.

Roughly 900,000 shares of the company's stock were purchased across three trades on Aug. 31, one day before it became public that the U.S. Education Department would no longer share information about the company with the Consumer Financial Protection Bureau, a top regulator that had accused the company of wrongdoing.