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PICCONE v. U.S. DEPARTMENT OF EDUCATION

July 28, 2003

LOUIS A. PICCONE, PLAINTIFF,
v.
UNITED STATES DEPARTMENT OF EDUCATION ET AL., DEFENDANTS.



The opinion of the court was delivered by: Susan Illston, United States District Court Judge

SETTLEMENT AGREEMENT AND ORDER

Louis A. Piccone ("Piccone"), plaintiff, and the United States of America, Department of Education ("Education"), defendant, hereby stipulate and agree as follows:

RECITALS

A. On November 8, 1991, Piccone executed two promissory notes (the "Student Loans") for attendance at George Washington University Law School. The first loan was a "Stafford" loan in the principal amount of $7,500. The second was a "Supplemental Loan for Students" in the principal amount of $4,000. The Student Loans were made by Norwest Bank and underwritten by Great Lakes Higher Education Guaranty Corporation ("Great Lakes").

B. Piccone made payments on the Student Loans when they came due, but on or about September 1998, the loans became delinquent and entered a default status. In 2001, Great Lakes assigned the defaulted loans to Education.

C. Piccone maintains in the Complaint and Demand for Jury Trial filed on January 6, 2003 (the "Complaint"), that after making payments for approximately six years, he accepted an invitation by Sallie Mae, a servicer on the loans, to pay his Student Loan electronically. He further alleges that Salle Mae failed to withdraw his payment electronically, his Student Loans went into default, and that default status was thereafter reported by Sallie Mae and Education to various credit reporting agencies. Piccone seeks damages for violations of the Fair Credit Reporting Act, 15 U.S.C. § 1681 et seq., defamation, and breach of contract.

D. Education denies that it is liable to Piccone on any theory set forth in the Complaint or on any other theory.

SETTLEMENT AGREEMENT

1. Payment of Student Loans

Contemporaneously with the execution of this Settlement Agreement, plaintiff Piccone shall pay to defendant Education the sum $10,556.00 by cashier's check or money order made payable to the United States Treasury. Payment shall be made to the United States Attorney's Office, 450 Golden Gate Avenue, 10th Floor, do Stephen L. Johnson, AUSA. This payment shall be in full settlement and satisfaction of any and all claims, demands, rights, and causes of action in favor of Education arising under the Student Loans.

2. Credit Report

Defendant Education agrees, within 45 days of receiving the payment required by paragraph 1, to report Piccone's Student Loans as "Paid In Full" (or similar language) to appropriate consumer credit reporting agencies. Education cannot, however, change credit reports that it or any other party or predecessor in interest made prior to the date of this Settlement Agreement, and Piccone fully understands that is so.

3. Dismissal

Piccone shall deliver to defendant's counsel a fully executed Request for Dismissal with prejudice of the above captioned lawsuit at the time he makes the payment required by paragraph 1. A form of Request for Dismissal acceptable to the ...


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