Here's what answers.com has to say on the subject:
Quote:
Barack Obama graduated magna cum laude.
We do not rank students at HLS. The student with the top GPA is awarded a prize, the rare student who gets mostly A+s is awarded summa cum laude, there are many years where no one obtains this degree.
However, one can infer from his magna cum laude degree that he was in the top 10% of his class. His position on the law review could mean he was high within that 10% bracket. But there is really no way to know where he ranks from #2 through 10%.
Magna cum laude is awarded to the top 20% of graduating students. Summa cum laude is awarded to the top 4-5% of graduates. SO, he could not be in the top of his class as reported.
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I think it likely that someone read "near the top of his class" and inferred "at the top of his class".