Elite Universities Settle Financial Aid Lawsuits for $166.5 Million
Brown, Yale, and Columbia universities, along with others, have agreed to pay a combined $62m to settle a lawsuit alleging that they favored wealthy applicants, bringing the total settlements in the case to $118m. The lawsuit accused the schools of violating antitrust laws by conspiring to restrict financial aid and giving wealthy students an advantage in admissions. The settlements also include Emory and Duke, with the University of Chicago and Vanderbilt having already reached agreements. The remaining defendants include Cornell University, University of Pennsylvania, and Georgetown University. Plaintiffs' lawyers are urging other schools to resolve overcharges to middle and working-class students, while the schools involved have denied wrongdoing and stated that settling allows them to focus on their academic missions.