Vanderbilt University, along with more than a dozen other prestigious US schools, has agreed to settle a lawsuit accusing them of conspiring to restrict financial aid to students. This marks the second settlement in a case that claims billions of dollars in damages, reported Reuters.
Attorneys for Vanderbilt University revealed in a federal court filing in Chicago on Friday that they have reached an agreement in principle to settle the lawsuit. However, the terms of the settlement were not disclosed, and they will be subject to court approval once finalized. In response to this development, a spokesperson for Vanderbilt stated, “We are proud of our institutional commitment to access and affordability for students and their families.”
The plaintiffs’ lawyers who are leading the case expressed their anticipation in finalizing the settlement documents and presenting them for approval by the court.
Vanderbilt University was among 17 elite schools sued last year in a prospective class action, alleging that a conspiracy existed to reduce the amount of financial aid awarded to hundreds of thousands of students, resulting in overpayment for college tuition. It’s important to note that all the schools involved have consistently denied any wrongdoing in this matter.