OSU Appeals Judgment In ‘Gift’ Plan

Friday, July 27, 2012

Cowboy Athletics Inc. filed a certificate of appeal Monday in response to summary judgement that blocked its attempt to recover $33 million.

Oklahoma State University officials said a month ago that the university would appeal the ruling against OSU and its top booster, T. Boone Pickens, and their attempt to recover about $33 million in life-insurance premiums in the failed “Gift of a Lifetime” fundraising plan.

The program involved taking out life-insurance policies on 27 aging school supporters with the university as the beneficiary.

Pickens and Oklahoma State University’s athletic fundraising foundation 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.

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