Reuters: Regulatory News: Career Education settles NY probe into placement rates

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Career Education settles NY probe into placement rates Aug 19th 2013, 21:07 Mon Aug 19, 2013 5:07pm EDT Aug 19 (Reuters) - Career Education Corp has agreed to pay $10.25 million to settle a New York probe in which the for-profit education company was accused of inflating job placement rates to lure prospective students into attending its schools. The settlement was announced on Monday by Eric Schneiderman, the state's attorney general. It requires the Schaumburg, Illinois-based company to make $9.25 million in restitution to students, pay a $1 million penalty, and change how it calculates and verifies placement rates. Career Education did not immediately respond to a request for comment.

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