Attorney General Eric Schneiderman said he hopes the deal eventually could lead to the school restoring free tuition.
The Manhattan college began charging tuition in 2014 for the first time in more than a century to avoid financial insolvency. That sparked a lawsuit by the Committee to Save Cooper Union, an alliance of students, alumni and faculty.
The agreement was reached with the school’s board of trustees and the plaintiffs. They filed a consent decree Wednesday that requires court approval.
Adrian Jovanovic, president of the committee, said the settlement “implements significant reforms and creates a path to restoring Peter Cooper’s vision of education ‘open and free to all.’”
It would authorize the attorney general to appoint the monitor. It would add alumni, students and faculty to the board of trustees and establish a standing committee to develop a strategic plan aimed at returning to a tuition-free policy while maintaining academic reputation and enrollment.
Richard Lincer, chairman of The Cooper Union Board of Trustees, said they hope the framework will enable them to build support “to sustain the strengths of this great institution for future generations of students.”
