Rice University has set aside $33.75 million to settle an antitrust lawsuit filed against 17 prestigious private universities across the country accused of illegally running a scheme that limited the amount of financial aid given to students, according to the school’s financial statements for last year.
Nine former students who attended some of the universities filed a lawsuit in January 2022 claiming that the schools’ financial aid and admission practices inflated the price of attendance. As a result, more than 200,000 students receiving financial aid were overcharged hundreds of millions of dollars, according to court documents. The U.S. The Justice Department has backed the lawsuit.
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