ITT Educational employees file lawsuit over sudden terminations

Two employees who were terminated Tuesday as part of mass layoff by ITT Educational Services have filed a lawsuit claiming the Carmel-based firm violated federal law by failing to provide 60-days notice. The suit seeks class-action status for as many as 8,000 employees.

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ITT shares plunge 64 percent in wake of federal mandates

Shares in ITT Educational Services Inc. went into a freefall Friday, one day after the U.S. Department of Education banned the company from enrolling new students who receive federal aid. Analysts said ITT isn’t likely to survive the decision.

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Feds hit ITT Educational with more restrictions

The Obama administration on Monday placed additional restrictions on how ITT Educational Services Inc. uses federal student loans, moving the Carmel-based operator of for-profit colleges one step closer to losing access to federal funds.

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UPDATE: SEC hits ITT Educational, execs with fraud charges

ITT Educational CEO Kevin Modany and Chief Financial Officer Daniel Fitzpatrick allegedly “engineered a campaign of deception and half-truths” to hide from investors the extent of losses ITT was suffering from student loan programs, the SEC said Tuesday morning.

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For-profit college operator Corinthian calls it quits

Corinthian Colleges Inc.—which once competed with the country’s biggest for-profit education companies, including Carmel-based ITT Educational Services—shut down its remaining 28 schools Monday, essentially completing the biggest collapse in U.S. higher education.

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