While the value of having a degree from Wharton is subject to debate, the value of thinking you have one and then discovering otherwise is becoming a lot clearer. Back in 2002, Frank Reynolds enrolled in a program at Penn called the Executive Masters in Technology Management, believing that Wharton's co-sponsorship of the program meant he was destined for a degree from the business school. Having spent time, energy, and money on a program he thought would allow him to include the Wharton stamp in his business passport, Reynolds did the natural thing and sued the school when it became abundantly clear the only degree in his future was from the engineering school. A federal court jury agreed with his bait and switch contention and subsequently put a price tag on the mistaken belief of receiving a Wharton degree.
Reynolds is set to collect $435,678 in damages from his attempt to be an alumnus of a "top tier business school". Which should help cover the costs from the institution that awarded him an MBA in 2006, MIT.
Putting a price on Wharton's prestige [Philly.com]