ITT Technical Institutes shuts down

ITT Technical Institute, a for-profit college, shut down more than 130 campuses and laid off the “overwhelming majority” of its employees. 
The Department of Education had ruled that ITT would need to produce $153 million in additional collateral — on top of the $78 million it had on hand — to cover losses if it failed (the government feared being left on the hook). 

ITT is facing a suite of lawsuits, from the Securities and Exchange Commission, the Consumer Financial Protection Bureau and the Massachusetts attorney general, regarding allegations it misled students.

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