Elite Universities Settle Financial Aid Lawsuit for $104.5 Million

Three Ivy League universities and other top-tier schools have agreed to settle a lawsuit alleging that they conspired to collectively consider how much financial aid to offer to students, allegedly favoring wealthier ones. The settlements, totaling $118 million, were agreed to by Columbia University, Duke University, Brown, Yale, and Emory universities. The plaintiffs allege that the schools violated a statute barring them from considering students’ finances when they agreed to a common set of standards to guide admissions decisions in 2003. The schools have denied wrongdoing but have agreed to the settlements in exchange for having the case dismissed.