The University of Chicago has agreed to pay $13.5 million to resolve claims that it conspired with other elite schools to restrict financial aid, according to a U.S. court filing on Monday.
Chicago is the first school to reach a proposed settlement in the antitrust price-fixing case brought by current and former students.17 elite U.S. colleges and universities in 2022 in Chicago federal court, alleging that hundreds of thousands of students paid artificially inflated tuition because the schools unlawfully colluded to restrict financial aid offers. The plaintiffs have claimed billions of dollars in damages.
The University of Chicago said it had withdrawn in 2014 from the alleged cartel, and the plaintiffs said in their filing on Monday that the school "has some colorable defenses that most other defendants do not." The students' lawyers said they would seek up to $4.5 million in legal fees for their work as part of the settlement.
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