A settlement in a class-action lawsuit brought by former college athletes who alleged the NCAA failed to cover the full cost of their education has been formally approved by a Los Angeles federal judge.
Under the settlement, approved Aug. 5 according to court documents obtained Monday, the NCAA will create a $10 million fund over the next three years to reimburse former student athletes for educational costs they previously incurred. The NCAA will also make an additional $218 million available to current Division I schools to pay for benefits given to college athletes enrolled between the 2007 and 2013 academic years.
NCAA Division I schools may also provide basic accident insurance coverage for injuries that students sustained while participating in college athletics. But under the settlement, the schools are not required to do so.