The University of Chicago has reached a settlement in a case involving allegations that 17 prominent colleges conspired to restrict financial aid and overcharged students in violation of US antitrust law.
On Wednesday night, a court filing revealed the first agreement in the lawsuit between a private liberal arts university and the plaintiffs since it was filed in the US District Court for the Northern District of Illinois last year.
The lawyers representing the plaintiffs and the University of Chicago’s attorneys have announced their intent to negotiate and finalize a settlement agreement, reported Reuters.
US District Judge Matthew Kennelly will have the opportunity to consider the approval of the agreement, which pertains solely to the University of Chicago and not the other schools named as defendants.
On Thursday, a university spokesperson announced that the institution had reached a preliminary agreement to resolve the ongoing litigation.
Eric Cramer, the lawyer for the plaintiffs at Berger Montague, stated that they will work on finalizing the agreement and presenting it to the court.