Share “Suit filed over OSU insurance plan”

THE ASSOCIATED PRESS Published: February 4, 2010
STILLWATER — Billionaire booster Boone Pickens and the fundraising arm of Oklahoma State’s athletic department are suing the company they used in a life insurance program aimed at bringing in millions of dollars.

The university announced Wednesday that it had sued Lincoln National Life Insurance Co., hoping to recover some of the $32 million in premiums it had paid through the "Gift of a Lifetime” program.

The fundraising effort, announced in March 2007, involved the university taking out $10 million life insurance policies on 27 of its donors with OSU as the beneficiary.

Oklahoma State claims that the insurance company charged inflated premiums and fabricated the information that led the university to believe the program would be a sound investment strategy.

Messages left with spokeswomen for Lincoln Financial Group weren’t immediately returned.