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First Marblehead Sells Legacy Trust Administration Business For $13.7 Mln

3/2/2012 4:11 PM ET

First Marblehead Corp. (FMD: Quote) announced the sale of First Marblehead Data Services Inc., its legacy trust administration business, to Route 66 Ventures, Inc., d/b/a Goal Structured Solutions, for $13.7 million in cash. The Company expects to record a gain of approximately $12.5 million in the quarter ending March 31, 2012 related to this transaction.

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by RTT Staff Writer

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