Oklahoma State University has appealed a judge’s order that blocked the university’s attempt to recover $33 million spent on life insurance premiums in its “Gift of a Lifetime” fundraising plan.
The Stillwater NewsPress reports the school filed its certificate of appeal this week.
The fundraising program involved taking out life insurance policies on 27 aging school supporters with the university as the beneficiary.
T. Boone Pickens and Oklahoma State University’s athletic fundraising foundation, Cowboys Athletics Inc., filed the Payne County lawsuit in 2010, alleging agents for the insurance company used manipulated data and inflated the benefits of the life insurance strategy. A judge ruled in the insurance company’s favor last month.
Oklahoma State University ended the program several years ago and sued to recover about $33 million in premiums.