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05/28/2014 10:30 am ET Updated May 28, 2014

Cooper Union Professors, Students Sue To Block Tuition

NEW YORK, NY - APRIL 24:  Students sit in front of Cooper Union for the Advancement of Science and Art, one of the last tuiti
NEW YORK, NY - APRIL 24: Students sit in front of Cooper Union for the Advancement of Science and Art, one of the last tuition-free colleges in the country, on April 24, 2013 in New York City. Cooper Union recently announced that for the first time in more than a century it will begin charging undergraduates to attend the school starting in the fall of 2014. While the school will not charge students in severe financial hardship, those that can will pay around $20,000 per year. (Photo by Spencer Platt/Getty Images)

Cooper Union, the prestigious university for art, architecture and engineering, was slammed with a lawsuit from professors, alumni and newly admitted students Tuesday over its decision to start charging tuition for undergraduates in the fall.

The scathing Manhattan Supreme Court documents accuse the school’s leaders of spending on fancy new buildings, borrowing more money than the school could afford and losing tens of millions by investing in a trustee’s own hedge fund.

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