Final Approval Granted for $284 Million Class Action Settlement
Overview of Class Action Settlement Approval
The Angeion Group has announced that a federal court has granted final approval for a significant class action settlement involving several renowned universities. This settlement follows the action titled Henry, et al. v. Brown University, et al., which centers on issues related to financial aid practices among major institutions of higher learning.
The Settlement Details
The total amount of the settlement reaches an astounding $284 million, intended to benefit students and alumni who enrolled in full-time undergraduate programs from 2003 to 2024. This settlement particularly addresses those who have received financial aid during their time at the mentioned universities.
Why This Settlement Matters
This class action was filed on behalf of students alleging that the ten universities named in the suit, including Brown, University of Chicago, and Yale, violated federal antitrust laws. These allegations pointed to a supposed conspiracy among the institutions to inadequately allocate financial aid, placing impacted students at a disadvantage.
Who is Eligible for the Settlement?
Eligibility for compensation from the settlement is extended to U.S. citizens or permanent residents who were enrolled in any of the implicated universities and whom received some form of need-based financial aid. Students who directly paid for tuition, fees, room, or board at these institutions without sufficient aid coverage also qualify for potential payments.
Understanding the Impact
The aim of this settlement is not only to provide monetary compensation but to enable transparency in financial aid practices. With the approved settlement payments, each member of the Settlement Class can expect around $2,000, assuming about 100,000 people submit claims.
Distribution of Funds
The funds allocated in this settlement will be utilized not only to compensate eligible individuals but also to cover administrative costs, taxes, and legal fees associated with the case. This comprehensive approach ensures that the financial burden is shared fairly while providing justice to the affected students.
Steps to Claim Your Settlement
Affected individuals are encouraged to file a valid claim to receive their share of the settlement fund. The deadline for online submissions or postmarking claims is set for December 17, 2024. Comprehensive instructions and a claim form will be provided to all members of the class.
Legal Representation
Settlement Class members are represented by a distinguished team of attorneys, including Freedman Normand Friedland LLP and Berger Montague PC. These firms are committed to ensuring that class members’ rights are protected throughout the process.
Frequently Asked Questions
What is the total amount of the settlement?
The settlement amounts to $284 million, set to benefit eligible students and alumni.
Who can claim benefits from this settlement?
U.S. citizens or permanent residents enrolled in full-time programs at the involved universities and who received need-based financial aid are eligible.
How much can individuals expect to receive?
Eligible claimants may receive approximately $2,000, contingent on the number of claims filed.
What is the deadline to file a claim?
The deadline to submit claims is December 17, 2024.
Who is representing the Settlement Class?
The Settlement Class is represented by law firms such as Freedman Normand Friedland LLP and Berger Montague PC, who will oversee claim processing and distribution.
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