Okla St loses bid to regain $33M from fundraiser
Monday, March 12, 2012
STILLWATER, Okla. (AP) -- A federal judge has denied Oklahoma State's bid to get back $33 million it spent on premiums as part of a fundraising scheme built around buying $10 million life insurance policies on about two dozen donors to the athletic program.
The so-called "Gift of a Lifetime" program was launched in 2007, and Oklahoma State claimed in court filings that it was told it could make as much as $350 million through the program. Instead, OSU nixed the program about three years ago and then sued to try and regain premiums it had already paid.
Judge Jorge A. Solis ruled against Oklahoma State and top booster T. Boone Pickens on Friday in a summary judgment and will allow Lincoln National Life Insurance Co. to keep the premiums it received.