Oklahoma State University officials have dropped a legal battle to recoup $33 million in premium payments and will submit a $10 million claim on one of 27 alumni who are covered under a controversial life insurance program.
The action means the university's athletic fundraising arm, Cowboy Athletics, will sustain a net loss of just under $22 million on the program. However, a spokesman for the university said T. Boone Pickens, a Texas oilman and university benefactor, "covered" the premiums for the Gift of a Lifetime program.
"Cowboy Athletics, Inc., has dismissed its appeal from the summary judgment ruling of the Payne County District Court. Cowboy Athletics will submit its claim to the insurance company with respect to the death of one of the insureds," Gary Shutt, a spokesman for the university, said in an email to the Tulsa World on Wednesday.