“During some periods of lockdown, universities were not permitted to offer in-person teaching as usual, and instead they adjusted quickly and creatively to allow students to complete their degrees,” a spokesperson said.
The government at the time had said universities were responsible for setting their own fees, and that it expected them to continue to deliver a high-quality education.
UCL has not admitted any liability in its case and the details of the settlement remain confidential, with neither the institution nor lawyers for the students able to discuss it.
The case against UCL involved 6,000 students and was due to be heard in court in March.
However, the deal now appears to have opened the way for large-scale legal action against the university sector, which is being brought under consumer law against universities including Bristol, Birmingham, Leeds, Liverpool and Newcastle.
The main part of the claim is about the difference in tuition fee price between courses delivered online and in person, and the BBC understands economic analysis of this will form the basis of the new claims.
During the pandemic, most university teaching shifted online for long periods of time, with students either returned home or locked down in university accommodation.
Access to shared facilities on campus was restricted, which caused particular anger among students whose courses involved providing specialist facilities for practical work.
Students on fine art or applied arts courses were particularly angry at the time.
It led to a huge sense of frustration among students who felt they were missing out on a once-in-a-lifetime opportunity to study and make lifelong friends.
Graduation ceremonies were virtual or delayed, and those leaving university were seeking their first graduate jobs in an economy recovering from the pandemic.