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Intel names new CFO, 16 elite universities named in price-fixing lawsuit, Turo files for IPO

Yahoo Finance's Julie Hyman reports the latest in business news, including Intel naming David Zinsner as CFO and VP, 16 elite universities being accused of colluding to limit financial aid, and Turo filing to go public.

Video transcript

- Chipmaker Intel announced it's bringing David Zinsner on board to serve as Chief Financial Officer and Executive Vice President. Zinsner, who previously served as the Head of Finance for Micron will assume that role on January 17th. Though shares of Intel trading a little bit lower, they did rise in after hours trading yesterday following the announcement.

16 Ivy League and elite universities are facing a federal lawsuit alleging they illegally conspired to eliminate competitive financial aid in a price fixing scheme. The suit alleges the universities artificially inflated the cost of attendance for all students receiving aid. The suit goes on to say the result of the scheme was more than 170,000 students being overcharged by millions of dollars. Five former students from Vanderbilt, Duke, and Northwestern filed the suit in an Illinois federal court. Among those named in the filing are Brown, Columbia, Yale, MIT, Notre Dame, Georgetown, and University of Pennsylvania.

Car-sharing company, Turo, filed for an initial public offering. Turo says it will allow car owners and renters to participate in the offering as well. It's allocating 5% of shares to be sold to hosts and guests who meet certain criteria. This would allow those selected to buy the shares at the IPO price before they go public in a directed share program. No word yet on the specific size of the offering-- it was a $100 million placeholder-- or the specific timing.