DeVry agrees to stop using ad claim that it couldn't back up

Markets Associated Press

DeVry University has agreed to stop advertising a claim about the success of its students that had been challenged by the federal government.

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The Education Department announced a settlement with DeVry on Thursday after saying the for-profit college chain couldn't support one of its marquee claims.

DeVry had advertised that 90 percent of its graduates since 1975 found employment in their field of study within six months of graduation. Last year, the department asked DeVry to provide evidence of the claim and found that it couldn't.

Under the settlement, DeVry must stop advertising the claim and must pay the department $68 million.

DeVry said in a statement that it is pleased to resolve the case. The Illinois-based chain still faces another federal lawsuit over alleged deception in its advertisements.