Story at Law School Transparency. The possibility of this sort of suit has been has been discussed for several years and it'll be interesting. The heart of the allegations are the school's alleged use of misleading statistics about employment outcomes. The complaint is below.
UPDATE 1: I hadn't noticed that our blog is running an ad for Thomas Jefferson right now, but thanks to the alert reader who noticed it. Yes, fwiw, I do think that misleading stats should be actionable for law schools to the same degree they are for commerical businesses.