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New York to take legal action vs a student lender

Wed Mar 21, 2007 3:24pm EDT

NEW YORK, March 21 (Reuters) - New York Attorney General Andrew Cuomo is set to announce on Thursday the first legal action stemming from his office's wide-ranging probe into the student loan industry, people familiar with the situation said on Wednesday.

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The subject of the legal action could not be identified immediately. The attorney general's office declined to comment.

Last week, Cuomo announced that an investigation into student lending practices, spanning hundreds of colleges and at least six lenders, found that lenders routinely paid kickbacks to colleges and their employees for steering business their way. These are among several practices that may violate state law, Cuomo said.

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