Elite Universities Settle Price-Fixing Lawsuit for $104.5M

Five elite schools, including Brown, Yale, and Columbia, have agreed to pay a total of $104.5 million to settle a lawsuit accusing nearly 20 top schools of colluding to limit financial aid to students. The lawsuit alleged that the schools participated in a "price-fixing cartel" to restrict aid. The schools did not admit any wrongdoing, and current and former impacted students will receive cash payments. The settlement class includes students from various elite institutions, and the average claimant is expected to receive about $750 from the settlements.