A Delaware federal judge on Wednesday gave class plaintiffs a second chance to file a complaint accusing Navient Corp. of underreporting to investors the number of delinquent accounts in its student loan portfolio, after tossing the first one for faulty pleading.
In an eight-page memorandum, U.S. District Judge Gregory M. Sleet of the District of Delaware said that mutual fund manager Lord Abbett Affiliated Fund Inc.’s has until Nov. 5 to correct deficiencies in its 135-page complaint against the Wilmington-based spin off of Sallie Mae. The original filing, Sleet said, relied on “puzzle pleading” that at times made the document “very difficult” to follow.
