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These class-action lawsuits claim that the NCAA and the Power 5 conferences violated antitrust law because the organizations 1) agreed to not provide benefits and compensation to student-athletes, and 2) restrained competition by denying student-athletes the opportunity to profit from use of their name, image, and likeness (NIL). The settlement totals roughly $2.8 billion and received preliminary approval from U.S. District Judge Claudia Wilken in October of 2024. A Final Approval Hearing is scheduled for April 7, 2025 at 10:00 a.m. where Judge Wilken will deliver her final ruling on the terms of the House settlement, but there are two major highlights of the settlement that will further reform the volatile college athletics market.

On December 23, 2024, the United States Court of Appeals for the Fifth Circuit entered an emergency order overturning the December 3, 2024 nationwide preliminary injunction against the enforcement of the CTA.  Presumably recognizing the impact of the lifting of the stay a few days before the January 1, 2025 deadline, FinCEN, only hours after the Fifth Circuit’s decision, published guidance extending some, but not all, filing deadlines.