Today (Aug. 24), Texas Attorney General Ken Paxton announced a settlement with Aequitas, a now-defunct private investment firm.

A multistate investigation revealed that Aequitas had a financial relationship with Corinthian to fund a Private Student Loan Program. The program was used to present a fake compliance with federal law and get students to take loans not knowing the scheme and risk associated with the loans.

"Students are among Texas’ most valuable resources and my office will act to protect them from deceptive practices," said Paxton. Some 4,500 students in Texas are receiving $17.6 million in total of student loan relief.

A full version of the settlement can be read here.