Founder of Shark Tank-backed startup Scholly sues his acquirer Sallie Mae

Scholly founder Chris Gray sues Sallie Mae for wrongful termination and alleges illegal sale of student data through a subsidiary. | Contesto: cronaca

Punti chiave

• Founder of Shark Tank-backed startup Scholly sues his acquirer Sallie Mae

Contesto

Chris Gray, the founder of the scholarship-matching startup Scholly that gained fame after an appearance on ABC’s "Shark Tank," has filed a lawsuit against his company’s acquirer, Sallie Mae, alleging wrongful termination and accusing the student-loan giant of illegally selling student data through a subsidiary. The suit, filed in federal court, marks a dramatic turn for the entrepreneur who built Scholly into a widely used platform helping students find financial aid. Gray, who is Black, claims he was fired unjustly after raising concerns about Sallie Mae’s data practices. According to the complaint, Sallie Mae operates a subsidiary that collects and sells student information without proper consent, potentially violating privacy laws. The lawsuit alleges that Gray’s termination was retaliation for his internal whistleblowing and that Sallie Mae has continued to profit from what he calls a “deceptive and unlawful” data-sharing scheme. Sallie Mae, one of the largest private student-loan providers in the United States, acquired Scholly in 2021 for an undisclosed sum. At the time, Gray hailed the deal as a way to expand Scholly’s reach to millions of students. The acquisition was seen as a strategic move for Sallie Mae to bolster its brand among younger borrowers. However, tensions between Gray and the company’s leadership appear to have escalated in the months following the sale. The case has broader implications for the student-data market, which has drawn increased scrutiny from regulators and privacy advocates. Critics argue that companies like Sallie Mae have an incentive to monetize the personal information of students, including financial details and academic records, often without clear disclosure. Gray’s lawsuit could serve as a test case for how far firms can go in leveraging data from acquired startups. Sallie Mae has denied the allegations in a statement, calling them “baseless” and vowing to “vigorously defend” itself in court. A spokesperson said the company complies with all applicable privacy laws and that Gray’s termination was for legitimate business reasons unrelated to his claims. The company has not provided further details on the subsidiary...

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Categoria: cronaca