Ascensus Defeats Appeal in College Savings App Antitrust Suit

Ascensus LLC prevailed in an antitrust dispute after the First Circuit held that rival U-Nest did not provide enough evidence to support its claims in a case accusing Ascensus of monopolizing the college savings app market.

The US Court of Appeals for the First Circuit upheld a lower court’s ruling from the District of Rhode Island in its Friday opinion, finding U-Nest failed to support its fraud and misrepresentation claims. U-Nest had accused Ascensus of scheming to drive it out of the market for app-based servicing of 529 tax-exempt college savings accounts in part by agreeing to a settlement that ...