University of Chicago agrees to pay $13.5M in financial aid lawsuit
CHICAGO (CBS) -- The University of Chicago has agreed to pay $13.5 million to settle a lawsuit claiming it conspired with other elite schools to restrict financial aid.
The lawsuit accused 17 schools - including UChicago and Northwestern - of participating in a "price-fixing conspiracy" that artificially inflated tuition costs for students receiving financial aid.
The school is the first school to reach a settlement. It still needs approval from the courts.
UChicago maintains it did nothing wrong.
