Quick Links: Financial Aid Antitrust Settlement

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The lawsuit has been nicknamed the “568 Cartel lawsuit” by some for the way this group of elite schools conspired to restrict aid by violating a pledge not to consider students’ finances in making admissions decisions, giving wealthy students an edge, the plaintiffs claim. In the lawsuit, plaintiffs alleged these colleges “agreed among themselves on how to calculate need-based financial aid ‘to reduce or eliminate … price competition’ between members of the 568 Presidents Group”, the lawsuit states. “And ensure families pay ‘the maximum that they are capable of paying’.” The 568 Presidents Group dissolved in the midst of litigation. The schools, including those that have reached settlements, have denied wrongdoing. Yale and Emory said they would each pay $18.5m, Brown agreed to pay $19.5m and Columbia and Duke both said they would pay $24m.
Excerpt from "Brown, Yale and Columbia to pay $62m in lawsuit claiming they favor wealthy applicants" published in The Guardian on 1/24/24
Read more from The Guardian
Any Yale student who received need-based financial aid over the past 20 years is eligible to claim a payment from a $284 million settlement, according to a Friday announcement. The fund is composed of settlements from Yale and nine other elite universities in a lawsuit alleging that the consortium of schools was engaging in price-fixing behavior to limit need-based financial aid. Yale settled for $18.5 million in January but denied allegations of wrongdoing. Friday’s message came after the U.S. District Court for the Northern District of Illinois granted preliminary approval to the class action settlement.
Excerpt from YDN article, "Former Yale financial aid recipients to potentially receive settlement money" published in the YDN on 3/31/2024
Read more from the Yale Daily News
Screenshot of the settlement home page, linked below, where you can read about eligibility and submit a claim if applicable. Claims must be submitted by 12/17/24.
Access the Official Settlement Home Page
FAQ #5 on the settlement page.
Screenshot of FAQ #5 from the official settlement FAQ page
Access the Official Settlement FAQ Page
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