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5.6 Million Student-Loan Borrowers Facing ‘Abusive Practices’: Warren

  • Navient, which holds 5.6 million student-loan borrowers’ accounts, is ending its services this year.
  • Sen. Elizabeth Warren wants to ensure those borrowers aren’t subject to abuse under the new company, Maximus.
  • Warren requested information from Maximus on how it will ensure a seamless transition for borrowers.

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There’s a new student loan servicer in town, and Massachusetts Sen. Elizabeth Warren wants to keep them honest.

On Monday, Warren led four of her Democratic colleagues, including Ohio Sen. Sherrod Brown, in sending a letter to Maximus, the company that is taking over 5.6 million borrowers’ accounts after Navient concludes its federal loan servicing contract in December. While Warren told Insider in September that the student-loan industry will be “far better off” without Navient, citing its decades of abusive practices, the progressive senator has concerns with how Maximus will handle millions of new borrowers.

“It is critically important that your company perform at a high bar and with increased transparency to provide the best possible service to borrowers and end a history of loan servicer abuses,” the lawmakers wrote to Maximus’ CEO Bruce Caswell.

Navient CEO Jack Remondi said in a statement in September that “Navient is pleased to work with the Department of Education and Maximus to provide a smooth transition to borrowers and Navient employees as we continue our focus on areas outside of government student loan servicing.”

As the lawmakers noted in the letter, Maximus has handled the loans of over 1.7 million borrowers in default since 2019, and its record “raises concerns that borrowers may be subject to poor service and abusive practices.” For example, a 2015 audit found Maximus had failed to address needed modifications to the defaulted loan servicing platform it manages, leading borrowers to have their wages garnished and tax credits seized.

The letter also cited Navient’s “disturbing history of abuse and misbehavior towards borrowers” and asked Maximus to confirm, by December 8, its plans to ensure a seamless transition for the nearly six million borrowers while preventing the same errors Navient made over the past decade.

It’s no surprise that Warren is cracking down on Maximus early — she has long held Navient in her sights, even before she was elected to the Senate. Insider reported in April on the comprehensive history Warren has with Navient, starting in 2006 when she was interviewed on “60 Minutes” and cited Sallie Mae, as Navient was formerly known, for its abuses of the student-loan system.

Since then, she has repeatedly called out the company for unlawful practices with borrowers, like in November 2018, when Warren released an audit providing evidence of Navient’s record of causing students to go into deeper student debt by “steering student borrowers into forbearance when that was often the worst financial option for them.” 

And most notably, during an April hearing where she invited the CEOs of all the student-loan companies to testify, she told Navient’s CEO, John Remondi, that he should be fired for the abuses that happened under his leadership.

The Pennsylvania Higher Education Assistance Agency (PHEAA) and Granite State Management and Resources announced in June they will be ending their servicing contracts this year, and although PHEAA recently reversed course and extended its contract one additional year to allow more time for the transition, by the end of 2022, 16 million student-loan borrowers will be at the hands of new companies.

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Biden’s minimum book tax would hit these industries the hardest, analysis shows

Americans for Tax Reform President Grover Norquist provides insight into how Biden’s Build Back Better plan will impact Americans and international businesses. 

Democrats have proposed a minimum tax on income that well-off corporations report to investors in order to help fund President Biden‘s sweeping tax and spending package.  

The proposed minimum book tax would impose a 15{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} minimum on corporations based on profits they publicly report on their financial statements to shareholders. The levy would only apply to companies that reported more than $1 billion in income for three straight years.  

CBO: BIDEN SPENDING BILL ADDS $367B TO DEFICIT, NOT COUNTING IRS TAX ENFORCEMENT

It would preserve “the value of business credits – including R&D, clean energy, and housing tax credits – and include some flexibilities for companies to carry forward losses, utilize foreign tax credits, and claim a minimum tax credit against regular tax in future years,” according to the three Democrats – Elizabeth Warren of Massachusetts, Angus King of Maine and Ron Wyden of Oregon – who proposed the tax. 

President Biden, center, speaks as he announces that he is nominating Jerome Powell, left, for a second four-year term as Federal Reserve chair and Lael Brainard, right, as vice chair, the No. 2 slot at the Federal Reserve, during an event in the Sou ((AP Photo/Susan Walsh))

The Congressional Budget Office determined last week that the book tax would generate about $319 billion over the next decade, which would go toward paying for Biden’s social spending and climate change plan. 

But a new analysis by the nonpartisan Tax Foundation shows how the measure would have a disproportionate effect on certain industries.

The coal industry would face the heaviest burden under the book tax minimum, seeing a net tax hike of 7.2{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} of its pre-tax book income. That would be followed by automobile and truck manufacturing, which faces a 5.1{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} tax hike. In dollar terms, the industries that would account for the largest book minimum tax liabilities are utilities ($43.3 billion) and communication ($30.6 billion). 

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These industries see a sharper impact because they are at the intersection of the different book tax gaps targeted by Congress. Lawmakers are looking to go after permanent discrepancies between the two measures from firms paying low taxes but the proposal will more severely affect businesses with temporary timing differences between financial and taxable income; deliberate tax incentives created by Congress (such as bonus depreciation); and special items that show up in one income definition but not the other, the Tax Foundation said.

(Photo by Timothy A. Clary-Pool/Getty Images)

President Biden addresses the 76th Session of the U.N. General Assembly on September 21, 2021 at U.N. headquarters in New York City. ((Photo by Timothy A. Clary-Pool/Getty Images) / Getty Images)

“The book minimum tax affects industries very differently, some of which may be unintended, reflecting a tax proposal that has not been fully vetted,” the Tax Foundation wrote in its analysis. “Before introducing a new tax on book income, and asking the IRS to administer it and taxpayers to comply with it, lawmakers should consider whether these disparate impacts by industry are consistent with their tax policy goals.”

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Tips to Help Businesses Improve Marketing Beyond Small Business Saturday

NEW YORK, Nov. 23, 2021 /PRNewswire/ — iStock, a leading ecommerce platform providing premium visual content to SMBs, SMEs, creatives and students everywhere, today unveiled tips to help businesses enhance their marketing strategies and campaigns beyond Small Business Saturday, creating lasting connections with customers year-round.

According to Visual GPS, an iStock research initiative, 92{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} of people say that small businesses are necessary for the health of the economy. Even with the convenience and ease of buying from big box or chain stores, almost half of people (46{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}) will go out of their way to support local and small businesses. In fact, almost 8 out of 10 people (79{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}) said they would rather buy from local and small businesses as a way of supporting their community.

To find more local and small business-inspired visuals, visit https://www.istockphoto.com.

“It’s evident that small businesses are essential to people’s everyday lives, especially as we head into the holiday season with consumer spending power at its highest during Black Friday, Small Business Saturday, Cyber Monday and Giving Tuesday,” said Yara Ohashi, Head of Digital Marketing for the Americas, iStock. “Our Visual GPS research shows that people want to, and will, support local and small businesses. This is an opportunity for businesses to engage with these customers in an authentic, relatable way through the visuals they choose in their marketing and communications year-round.”

Below, iStock reveals a few actionable tips to help businesses of all sizes connect with customers more effectively and authentically during Small Business Saturday and beyond:

Be Relatable: Authentic representation is key, including how people’s different cultures and lifestyles are depicted within your marketing. Having insight into the customers you’re trying to reach and using visuals which appeal specifically to that audience can make all the difference. People now expect more accurate representation of themselves and the world they see around them from the companies and businesses they interact with. This shift in consumer behavior is greatly impacting ROIs, with iStock research showing that 74{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} of men and 67{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} of women would prefer to buy from brands representing authentic people like themselves.

Use Video, Video and More Video!: As a way to further engage customers during this time, video has become key to integrating into businesses of all sizes’ marketing strategies. In fact, video is a strong influence for people shopping local, with almost a third saying it’s how they select small businesses to shop or do business with. To create professional-quality videos that are affordable and simple to make, iStock created has created a new free, quick and easy video maker that doesn’t require any previous design or editing experience. The iStock Video Editor can help any small business or entrepreneur bring their visual storytelling to life—whether that’s for announcing a sale, promoting an event, or adding stories to Facebook or Instagram.

Demonstrate Sustainable Practices: According to iStock research, as a way to show support and commitment to protecting the planet and creating a sustainable environment, almost a quarter of people (21{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}) are shopping smaller, local companies and brands over global ones. Show how your business and services can support them in their mission by using visuals in your marketing which show the small steps they can take – whether that be showing reusable items, sustainable travel (bikes or e-scooters) or the repair and reuse of clothing and other items.

Embrace Technology and Connection: The use of technology in our everyday lives has only accelerated due to the pandemic, especially when it comes to online shopping. iStock’s Visual GPS research says that 60{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} of people feel empowered by all the technology available to them, with over half (63{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}) saying they use mobile phones more now as a way to transact and pay for things than ever before. This is an opportunity for local and small businesses take a hybrid approach to how they visualize shopping local now and into 2022. Using visual content—imagery, video and illustration—that tailors to a variety of customers, whether they want to shop in-store or online, is important in illustrating our current realities and appealing to a broader range of customers during this time.

SOURCE press.gettyimages.com

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ArcelorMittal partners with Orange Business Services and Ericsson to launch the largest industrial 5G network in France: 5G Steel

ArcelorMittal France, Orange Business Services and Ericsson today announced the launch of 5G Steel to test 4G/5G connectivity at ArcelorMittal’s industrial sites in France over the next three years. The French government supports this initiative as part of the France Recovery plan. The Grand Port Maritime de Dunkerque, EasyMile and the Caisse des Dépôts are also among the project partners.

Orange Business Services, Ericsson and ArcelorMittal France have developed this project together, including the design of industrial use cases adapted to ArcelorMittal’s challenges and business requirements. The project is based on Ericsson’s technology leadership within 4G/5G private cellular networks suited for advanced industrial use cases and high-risk sites and Orange Business Services’ integration and support expertise.

This deployment will meet the needs for industrial network performance and connected workers and operations in a production environment on complex industrial sites. The benefits include better energy efficiency and worker safety.

The 5G private network provides:

  • Extensive coverage: to cover all of ArcelorMittal’s complex industrial sites, both outdoors and indoors. Workers and machine operators can move freely with reliable connectivity anywhere on-site.
  • High throughput: to meet the high-performance requirements of modelled processes, connected devices, production data, etc.
  • Low latency: to support the deployment of autonomous vehicles and remote-controlled machinery as well as security in high-risk areas.
  • Network slicing: to tailor services to each business process and needs.
  • Data security: to protect sensitive industrial data on-site.

5G Steel will enable ArcelorMittal’s plants, starting with Dunkirk, followed by Mardyck in Hauts-de-France and Florange in the Grand Est area, to deploy use cases requiring high-speed cellular connectivity.

Targeted to different business operations (production, maintenance, logistics, etc.), these industrial use cases include better worker flexibility and mobility in different situations. In addition, autonomous rail vehicles in Dunkirk and Florange, autonomous road vehicles, remote maintenance with feedback from the field, virtual or augmented reality and safety devices are also relevant use cases.

The objective is also to enable the digital transformation of the French value chain ecosystem for industrial use cases. From the outset, 5G Steel will cover the Grand Port Maritime de Dunkerque and ArcelorMittal’s Digital Labs in Dunkerque and Florange, and tests are being conducted to extend the network to the Hauts-de-France and Grand Est regions.

David Glijer, Director of Digital Transformation at Arcelor Mittal France, commented: “ArcelorMittal is firmly committed to its digital transformation and is positioning itself as a leader in the digitalization of the steel industry. In production, maintenance, logistics and development, digital technologies have already begun to transform our processes, increase the reliability of our operations and improve the comfort and safety of our teams. The opening of our two Digital Labs in Dunkirk and soon in Florange is another illustration of ArcelorMittal’s desire to create an ecosystem at the crossroads of industry and digital.”

Valérie Cussac, Executive Vice President, Smart Mobility Services, Orange Business Services, said: “We are delighted to support ArcelorMittal in its digital transformation project. Within the framework of 5G Steel, we have worked with a use case approach. The project is co-piloted with ArcelorMittal using an agile method based on the collective intelligence of technical and functional experts. In addition, thanks to our dual expertise as an operator-integrator, ArcelorMittal will benefit from this solid private network , allowing maximum and secure critical data performance and improved productivity.”

Franck Bouétard, Head of Ericsson, France, said: “With 5G Steel, Ericsson is pleased to support ArcelorMittal in testing new industrial use cases based on 4G/5G cellular technologies. Ericsson once again demonstrates our expertise and technological leadership with private networks in a complex industrial environment.”

5G Steel, a network that enables new industrial use cases

With 5G Steel, ArcelorMittal will develop key industrial projects. Two examples:

  • Remote maintenance: equipped with tablets, maintenance teams can support operations and access the necessary documentation. Once the maintenance operation has been carried out, they validate it and record it directly in the company’s information systems. With augmented reality, the teams can also access documents, images or call on an expert remotely and live.
  • Autonomous vehicles: transport by rail is essential at ArcelorMittal’s large sites. The Dunkirk site, for example, has 44 kilometers of track to transport products between the various manufacturing stages. With EasyMile, ArcelorMittal will launch the first autonomous train on an internal private network, which will be put into service in 2023. ArcelorMittal is also working on a heavy-duty road vehicle capable of transporting up to 120 tons of steel coils.
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Nord Anglia Education Launches 8th International Teacher Recruitment Fair

Nord Anglia’s global ‘Outstanding Teachers Outstanding Schools’ recruitment event goes live

LONDON, Nov. 24, 2021 /PRNewswire/ — Nord Anglia Education, the world’s largest premium international schools organisation, has launched its eighth Outstanding Teachers Outstanding Schools (OTOS) recruitment event to attract the best teaching talent for its schools around the globe.

Nord Anglia Education Logo

Nord Anglia Education Logo

First launched in 2014, the annual OTOS event recruits teachers for Nord Anglia’s 76 schools in 31 countries. The international recruitment fair is open to candidates between November 2021 and March 2022, and provides a virtual networking opportunity for all final stage candidates to meet with school leaders and gain in-depth insight into their next career opportunity at one of Nord Anglia’s schools.

Candidates interested in their first, or next, role in international education are invited to apply for hundreds of teaching roles here. In the last year, Nord Anglia welcomed another seven schools to its global family, growing to 76 schools across the Americas, China, Europe, India, the Middle East, and Southeast Asia.

Nurturing talent is at the heart of Nord Anglia’s unique approach to outstanding teaching and learning across its schools. Its renowned professional development programme includes unparalleled opportunities for teachers to benefit from the best in educational approaches, skills training and research, including:

  • Continuous learning and development via Nord Anglia University, a bespoke online learning platform with thousands of learning resources for teachers. Nord Anglia University encourages teachers to connect and collaborate with their peers across 76 schools to enrich their international teaching careers.

  • Career pathway opportunities by developing key leadership and management skills through Nord Anglia’s Middle Leadership Programme and Senior Leadership Programme.

  • Collaborations with world-leading organisations, including MIT, UNICEF, and The Juilliard School to create engaging learning experiences for students both in and outside the classroom.

  • Unique opportunities to earn an Executive Master’s in International Education at King’s College London. Developed in collaboration with Nord Anglia, the part-time master’s programme develops participants’ understanding of effective school leadership in an international education environment.

  • Regular opportunities to move into other exciting roles at one of Nord Anglia’s 76 schools worldwide.

Dr Elise Ecoff, Group Education Director, Nord Anglia Education, said: “Teachers are powerful role models with the potential to shape students’ attitudes, and inspire and prepare them for success in whatever they choose to do or be in life. That’s why at Nord Anglia we attract and develop the best teaching talent by providing outstanding learning and development opportunities so that our teachers thrive and achieve their full potential, while helping our students achieve more than they ever imagined possible.”

As an international schools organisation, diversity and inclusion underpins Nord Anglia’s culture and approach to education. Throughout the organisation, all teachers and school leaders embody and actively promote these values to create a supportive and safe place for all students to thrive. It is what enables Nord Anglia to harness the very best in ideas and perspectives to deliver exceptional learning.

About Nord Anglia Education

Nord Anglia Education (NAE) is the world’s leading premium schools organisation, with 76 schools across 31 countries. Our schools go beyond traditional learning to deliver a high quality, transformational education to 68,000 students from kindergarten through to the end of secondary school. We offer multiple internationally recognised curriculums, including the English Curriculum, the International Baccalaureate, the Swiss Maturité and the US Curriculum, amongst others.

Our global scale enables us to recruit and retain world-leading teachers and to offer our students unforgettable experiences through our partnerships with world-renowned institutions The Juilliard School, the Massachusetts Institute of Technology and UNICEF. As part of the NAE family, every student can connect and collaborate on our bespoke Global Campus platform to bring their learning to life beyond the classroom.

Founded in 1972 in the United Kingdom, initially offering learning services such as English-as-a-foreign-language classes, NAE opened its first international school in 1992: the British School Warsaw. In the 2000s, NAE began a strategic focus on premium international schools, with rapid growth in Asia, the Americas, China, and across Europe and the Middle East. In July 2019, the company relocated its headquarters from Hong Kong to London.

For more information, please visit www.nordangliaeducation.com.

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SOURCE Nord Anglia Education

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HAGENS BERMAN, NATIONAL TRIAL ATTORNEYS, Encourages Zhangmen Education (ZME) Investors to Contact Firm’s Attorneys, Securities Class Action Filed

HAGENS BERMAN, NATIONAL TRIAL ATTORNEYS, Encourages Zhangmen Education (ZME) Investors to Contact Firm’s Attorneys, Securities Class Action Filed

SAN FRANCISCO, Nov. 23, 2021 /PRNewswire/ — Hagens Berman urges Zhangmen Education Inc. (NYSE: ZME) investors with significant losses to submit your losses now, Women Beauty.

Hagens Berman Sobol Shapiro LLP
Hagens Berman Sobol Shapiro LLP

Class Period: June 5, 2021 – Nov. 19, 2021
Lead Plaintiff Deadline: Jan. 18, 2021
Visit: www.hbsslaw.com/investor-fraud/ZME
Contact An Attorney Now: ZME@hbsslaw.com
844-916-0895

Zhangmen Education Inc. (ZME) Securities Class Action:

The litigation focuses on Zhangmen’s statements leading up to its initial public offering conducted in early June 2021 about material risks the company faced concerning the Peoples Republic of China’s crackdown on for-profit tutoring companies.

More specifically, the IPO offering documents emphasized the strong growth and market demand in the PRC for Zhangmen’s online K-12 one-on-one tutoring services.

According to the complaint, Defendants’ statements were materially false and misleading because they failed to disclose the PRC was implementing sweeping new regulatory reforms that prohibited (1) profit-making by private education companies, (2) engaging in core-curriculum tutoring during weekends and vacations, and (3) capital-raising by companies like Zhangmen.

Defendants’ statements were brought into serious question beginning on July 23, 2021 (less than two months after the IPO), when the PRC unveiled its overhaul of its education sector, banning companies that teach school curriculum from making profits, raising capital or going public.

Zhangmen soon admitted the overhaul would materially and negatively impact nearly all aspects of its business and that all existing PRC education system providers, like Zhangmen, are subject to review and re-registration as non-profit organizations.

These events sent the price of Zhangmen shares sharply below its $11.50 IPO price.

“We’re focused on investors’ losses and proving Zhangmen concealed the PRC reforms that were underway at the time of its IPO, reforms that essentially invalidated its business model,” said Reed Kathrein, the Hagens Berman partner leading the investigation.

If you invested in Zhangmen and have significant losses, or have knowledge that may assist the firm’s investigation, click here to discuss your legal rights with Hagens Berman.

Whistleblowers: Persons with non-public information regarding Zhangmen should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email mailto:ZME@hbsslaw.com.

About Hagens Berman
Hagens Berman is a national law firm with eight offices in eight cities around the country and over eighty attorneys. The firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the firm and its successes is located at hbsslaw.com. For the latest news visit our newsroom or follow us on Twitter at @classactionlaw.

Contact:
Reed Kathrein, 844-916-0895

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SOURCE Hagens Berman Sobol Shapiro LLP


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