This is the long-running financial aid antitrust case against 17 elite universities (Henry v. Brown University) — but a new stage, not a new settlement. On June 1, 2026 a federal court certified a litigation class against the five schools that never settled, sending those claims toward a jury trial. If you got partial need-based aid at one of them, the only thing to decide now is whether to stay in or opt out by August 22, 2026.
Allegations Only · No Finding of Liability
Certifying a class decides only that the case can proceed as a class action — not that anyone did anything wrong. The five non-settling universities deny the allegations, the court has not ruled on who is right, and there is no money and nothing to claim against these schools at this time. This page is informational and is not legal or tax advice.
What Just Happened?
On June 1, 2026, the U.S. District Court for the Northern District of Illinois certified a litigation class in Henry, et al. v. Brown University, et al., No. 1:22-cv-00125 — the antitrust case accusing a group of elite universities of coordinating on how they calculated need-based financial aid. Certification means the court found the case meets the requirements of Federal Rule of Civil Procedure 23 and can move forward on behalf of tens of thousands of former students as a single class, rather than one lawsuit at a time.The key thing to understand: this is not a new settlement, and it is not a reopening of the settlement that already paid out. It applies to the five universities that refused to settle and are instead headed toward a jury trial. For students of the twelve schools that already settled for nearly $320 million, this changes nothing — that part of the case is done and its claim window closed on December 27, 2025.
The Case, in Plain English
The lawsuit alleges that a set of top universities used a shared antitrust exemption — the so-called "568 exception" tied to the 568 Presidents Group — to coordinate the guidelines, formulas, and methods they used to award need-based financial aid. The plaintiffs allege that this coordination left students with less aid, and therefore higher out-of-pocket costs, than they would have paid if the schools had competed freely. The defendants dispute all of this: they say their financial aid practices were lawful and pro-competitive, that aid actually rose over time, that no student was harmed, and that they have valid legal defenses. The court has not decided who is right — that is what a trial would resolve.Twelve of the seventeen universities originally named chose to settle rather than take that risk, which is where the earlier $319 million college financial aid settlement came from (that page covers who settled, the payout structure, and the now-closed claim deadline). The remaining five did not settle. The certified litigation class is the plaintiffs' vehicle for pressing the case against those holdouts.
Which Universities Are Still in the Case?
The five non-settling defendants — the schools this certification and any eventual trial are aimed at — are:• Cornell University
• Georgetown University
• Massachusetts Institute of Technology (MIT)
• University of Notre Dame
• University of Pennsylvania
All five have denied the allegations. Earlier in the case the court declined to throw out the claims against them on summary judgment, which is part of why the matter is now moving toward trial. The notice covering all seventeen universities lists a defined class period for each school; the exact years vary school by school, so a class member should check the dates for the specific university they attended on the official case website.
Who Is in the Litigation Class?
Broadly, the class covers people who, during the relevant class period, (a) enrolled full time in an undergraduate program at one or more of the defendant universities, (b) received at least some need-based financial aid from the school, and (c) still had tuition, fees, room, or board that was not fully covered by grant or merit aid in at least one undergraduate year. In other words, it is aimed at students who got partial need-based aid and still paid something out of pocket — not students whose full cost of attendance was covered by aid (loans don't count as coverage for this purpose).Some people are specifically excluded, including university officers and trustees; certain senior financial aid, admissions, and in-house legal staff; and anyone who was not a U.S. citizen or permanent resident at the time they attended and received aid. The full class definition, exclusions, and per-school dates are set out in the court-approved notice.
Your Options: Do Nothing, or Opt Out by August 22, 2026
If you are in the class, you have two choices:• Do nothing. You stay in the litigation class. You do not need to hire your own lawyer — the court appointed Class Counsel to represent you. If the plaintiffs eventually win at trial or reach a settlement with the non-settling schools, you may be entitled to share in that recovery. The trade-off is that you'll be bound by the outcome, win or lose, and you give up the right to bring your own separate lawsuit against these schools over the same claims.
• Opt out (exclude yourself). A written Request for Exclusion must be received by the Notice Administrator no later than August 22, 2026. Opting out is the only way to keep the right to pursue your own separate case against the non-settling universities later. If you opt out, you won't be bound by the result and won't share in any class recovery. Instructions for how to opt out are on the official case website.
There is no claim form to file at this stage and no payment to request — a claims process only becomes relevant if and when there is money to distribute, which would follow a trial verdict or a settlement. Class Counsel appointed by the court are MoloLamken LLP (lead), with Freedman Norman Friedland LLP and Berger Montague PC as co-counsel.
What Happens Next
With the class certified, the case moves toward a jury trial against the five non-settling universities, which has been reported as scheduled for late 2026. A trial could still be delayed, settled, or appealed — none of which is guaranteed. For now, the single practical takeaway for a class member is the calendar: if you want to leave the class, the opt-out request must reach the administrator by August 22, 2026; if you're content to stay in, you don't have to do anything. OCA will update this page as the case progresses.Frequently Asked Questions
Is this the same as the college financial aid settlement?
It is the same case, Henry v. Brown University, but a different stage. Twelve of the seventeen universities already settled for nearly $320 million, and that claims deadline was December 27, 2025. This new development is about the five universities that did not settle — the court certified a litigation class so those claims can move toward a jury trial. There is no new settlement and no new claim form.
Which universities have not settled?
According to the court and class counsel, the remaining non-settling defendants are Cornell University, Georgetown University, the Massachusetts Institute of Technology, the University of Notre Dame, and the University of Pennsylvania. The lawsuit alleges these schools took part in the same conduct; those allegations remain unproven and the universities deny wrongdoing.
Do I need to do anything if I am in the class?
No. If you do nothing you remain in the litigation class, you will be bound by the outcome, and you may share in any future recovery against the non-settling schools if the plaintiffs win or settle. The only action available now is to exclude yourself (opt out), which is only relevant if you want to preserve the right to sue these schools separately.
What is the deadline to opt out?
A written Request for Exclusion must be received by the Notice Administrator no later than August 22, 2026. Details on how to opt out are on the official case website. Opting out is not required to stay in the case; it is only for people who want to leave the class.
How much money could class members get?
Nothing has been awarded against the non-settling schools. The court has not decided whether the plaintiffs' claims or the universities' defenses are correct. Any payment would depend on a future trial verdict or settlement, and there is no guaranteed recovery. This is separate from the nearly $320 million already recovered from the twelve schools that settled.
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Sources
• Official case website — FinancialAidAntitrustSettlement.com• Court docket on CourtListener — Henry v. Brown University, No. 1:22-cv-00125 (N.D. Ill.)
• Reuters — Legal (financial aid antitrust coverage)
• Court-authorized Class Notice (Notice ID JCR015714-CRT), Northern District of Illinois
