NCAA, Men's Basketball, Football Players Settle Class Action for $228 Million

A class action settlement was recently approved by a federal judge that will see the National Collegiate Athletic Association (NCAA) provide an additional $218 million in financial aid for student athletes to NCAA division 1 member institutions, during the academic year beginning 2007-08 through 2012-13. Additionally, the NCAA will provide $10 million for former student athletes seeking reimbursement for educational expenses for the next three years.

And, the NCAA agreed to arrange for accident insurance for injuries of student athletes at Division 1 schools, provide health insurance to student athletes in Division 1 schools, and investigate the possibility of offering student athletes scholarships through graduation.

The suit, brought by division 1 football and men's basketball players, alleged that the NCAA limited the amount of financial aid it provided to them as students.