Caltech is among 16 elite universities accused of cheating students out of financial aid in a new antitrust lawsuit.
The proposed class-action lawsuit, filed Sunday in Illinois federal court on behalf of five former students who attended some of the universities, alleges the schools participated in a price-fixing scheme involving the formula by which financial-aid awards for students are calculated.
Caltech said in a statement that it is"currently reviewing the lawsuit and cannot comment on the specific allegations. We have confidence, however, in our financial aid practices.'' The plaintiffs allege a violation of the Improving America's Schools Act of 1994, which says that universities can collaborate when they develop their financial aid formulas, but only if they do not consider applicants' financial need in their individual admission decisions.
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