Scholly founder sues Sallie Mae
Chris Gray, the founder of the Scholly startup, has filed a lawsuit against Sallie Mae, the bank that acquired his company. He accuses the bank of wrongful termination and secretly selling users' personal data, including information about students' age, gender, race, and financial status, to third parties through a shell company to evade regulatory scrutiny. Sallie Mae representatives have denied all allegations, calling them baseless, and stated that they will defend their position in court, asserting that Gray's claims are unfounded. Gray, who worked as a vice president after selling his project to the bank in 2023, claims he was fired a year later after expressing concerns about data privacy.
Scholly startup founder Kris Grey has sued Sallie Mae bank, which acquired his company. The entrepreneur accuses the bank's management of unfair dismissal and secretly selling users' personal data. Techcrunch.com reports on this.
Grey alleges that the bank sold data collected through the Scholly app—including students' age, gender, race, and financial status—to third parties. It is claimed that this process was carried out through a special subsidiary to evade banking oversight.
Sallie Mae representatives denied all allegations, calling them baseless. The bank's management stated that they will defend their position in court and that the former employee's claims do not correspond to reality.
Kris Grey served as a vice president after selling his project to the bank in 2023. He claims he was dismissed a year after expressing concerns regarding data privacy.
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