Oklahoma Judge Rules Against OSU, Pickens In Lawsuit

Wednesday, June 20th 2012, 4:49 pm
By: News 9

A Payne County judge has ruled against Oklahoma State University and its top booster, T. Boone Pickens, in their attempt to recover money spent on life insurance premiums in the school's "Gift of a Lifetime" fundraising plan.

Associate District Judge Stephen Kistler issued a ruling Tuesday in favor of Lincoln National Life Insurance Co. and several co-defendants.

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.

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

Oklahoma State University ended the program several years ago and sued to recover about $33 million in premiums.