Nelnet Agrees to $55 Million Settlement on Oberg Case

Nelnet Inc. said in a statement that it agreed to the settlement to eliminate “the uncertainty, distraction and expense of a trial.”

The proposed agreement is subject to approval of the U.S. Department of Justice and a final agreement signed by both parties. The agreement would settle the matter without Nelnet admitting liability or wrongdoing.

“We are pleased to have reached an agreement to successfully resolve this outstanding matter,” Nelnet said, adding that pre-trial evidence “corroborated and strengthened Nelnet’s already strong position in the matter.”

Nelnet said it believes that the lawsuit was “without merit and that we would have prevailed at trial.”

The only reason for settling is “to eliminate all uncertainties, irrespective of the company’s confidence that it would have ultimately prevailed,” the company said.

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