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BANK OF AMERICA NT & SA v. RILEY

Civil Action No. 95-1772 (JR).

940 F.Supp. 348 (1996)

BANK OF AMERICA NT & SA, et al., Plaintiffs, v. Richard W. RILEY, Defendant.

United States District Court, District of Columbia.

September 30, 1996.

Attorney(s) appearing for the Case

W. Neil Eggleston, William A. Sarraille, and Timothy K. Armstrong, Howrey & Simon, Washington, DC, for Plaintiffs.

Sheila M. Lieber and Peter Robbins, U.S. Department of Justice, Civil Division, Washington, DC, for Defendant.

OPINION

ROBERTSON, District Judge.

Plaintiffs are nine financial institutions that hold in the aggregate about $46 billion of government-insured student loans. In this declaratory judgment action, they claim that the Secretary of Education has improperly refused to pay them approximately $16 million in statutory "special allowances" for the difference between the interest established by statute on student loans between July 1992 and January 1, 1995...

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