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Attys Seek $95M In Fees for Landmark Settlements In an impactful development from Illinois, attorneys for students who accused a consortium of 17 of Elite Universities collusion in fixing student aid packages, have filed a motion with a federal judge. They are seeking a substantial $94.7 million in legal fees plus an additional $3.5 million to cover expenses. This request comes in the wake of securing impressive settlements totaling $284 million with 10 of the involved schools.

Three Years of Rigorous Litigation Culminates in $95M Fee Request The 33-page motion, submitted on Monday, details the exhaustive efforts and significant achievements of the class counsel over three years of intense litigation. The attorneys argued that the settlements represent an "extraordinary" outcome for the students, meriting a 33% share of the total settlement pot. This request is backed by a "modest" hourly-rate lodestar multiplier of 1.35, a figure that the counsel notes is significantly lower than those awarded in similar antitrust and class action lawsuits.

Attys Seek $95M In Fees For Elite Schools' Aid-Fixing Deals: The High Stakes of the Antitrust Case The legal battle, which lacked prior governmental investigation or enforcement, was taken on a contingency basis by the attorneys. They have collectively logged over 91,000 hours—equivalent to more than $70 million in uncompensated time—against "sophisticated, determined, and well-resourced defendants." This effort underscores the complex and significant nature of the antitrust class action that has brought tangible benefits to a large class of current and former students across the implicated universities.

Attys Seek $95M In Fees For Elite Schools' Aid-Fixing Deals: Details of the Settlement and Continuing Litigation The legal proceedings have already seen preliminary approvals from U.S. District Judge Matthew F. Kennelly, with a final approval hearing for the 10 settlements scheduled for July. The defendants currently settled include prestigious institutions such as the University of Chicago, Yale, and Columbia University, among others. Meanwhile, schools like the University of Pennsylvania, Cornell University, and MIT, among others, remain embroiled in the ongoing litigation.

Legal Representation and the Path Forward The plaintiffs are represented by a robust team from Freedman Normand Friedland LLP and several other firms, demonstrating the case's extensive legal footprint and the intricate legal strategies employed. On the other side, each university is defended by notable law firms, indicating the high stakes and complex legal arguments involved in the dispute.

As the case progresses, the legal community and the public alike watch closely, recognizing the potential implications of this landmark antitrust litigation on the landscape of higher education and student financial aid in the United States.

This ongoing legal saga not only highlights the complexities of antitrust law but also underscores the significant impact such cases can have on educational policies and the financial aid landscape. The final outcomes of this case could set important precedents for how financial aid is administered by elite educational institutions in the future.