Ascensus Accused of Trying to Corner College Savings App Market

Ascensus LLC was hit with federal antitrust claims in Rhode Island over its alleged scheme to drive rival UNest Holdings Inc. out of the market for app-based servicing of the tax-exempt college savings accounts known as “529" plans, after a section of the Internal Revenue Code.

The lawsuit, filed May 7 in the U.S. District Court for the District of Rhode Island, alleges “a longstanding, unlawful, deceptive, and anti-competitive campaign by Ascensus to undermine UNest’s business model, muscle UNest out of the industry, and ultimately monopolize the market.”

“Directly as a result of Ascensus’ misconduct, UNest was forced to change ...