A federal appeals court has upheld a ruling against Oklahoma State University's athletic fundraising arm and its top booster, T. Boone Pickens, in their attempt to recover life insurance premiums in a fundraising plan.
The 5th U.S. Circuit Court of Appeals in New Orleans handed down the decision Monday. It involves OSU's "Gift of a Lifetime" program, which involved $10 million insurance policies on 27 supporters with the university as beneficiary. OSU believed it would raise millions of dollars through the effort.
The court affirmed a March 2012 decision by U.S. District Judge Jorge A. Solis in Dallas, who ruled that Lincoln National Life Insurance Co. could keep premiums it received from OSU. Lincoln claimed the school waited too long to cancel the policies and was not entitled to refunds.
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