A federal appeals court has upheld a ruling against Oklahoma State University‘s athletic fundraising arm and its top booster, T. Boone Pickens, in their attempt to recover life insurance premiums in a fundraising plan.
The 5th U.S. Circuit Court of Appeals in New Orleans handed down the decision on March 18. It involves OSU’s “Gift of a Lifetime” program, which involved $10 million insurance policies on 27 supporters with the university as beneficiary. OSU believed it would raise millions of dollars through the effort.
The court affirmed a March 2012 decision by U.S. District Judge Jorge A. Solis in Dallas, who ruled that Lincoln National Life Insurance Co. could keep premiums it received from OSU.
In February 2010, Lincoln filed a separate lawsuit against Cowboy Athletics Inc. in federal court in Dallas, claiming the university breached its contract, waited too long to cancel the policies, and was not entitled to a refund.
In lawsuit filed in state court, Associate District Judge Stephen Kistler (Payne County) in June 2012 also ruled against OSU and Pickens in in their attempt to recover money in the school’s “Gift of a Lifetime” fundraising plan.
Topics USA
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