Stillwater News Press

March 19, 2013

Judge's 'Gift of a Lifetime' decision affirmed

By Russell Hixson
Stillwater NewsPress

STILLWATER, Okla. — A federal judge affirmed a decision to deny Cowboy Athletics and T. Boone Pickens compensation for $33 million spent on a fundraising campaign.

The "Gift of a Lifetime" program involved taking out life-insurance policies on 27 aging school supporters with the university as the beneficiary.

Pickens and Oklahoma State University’s athletic fundraising foundation 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.

Associate District Judge Stephen Kistler ruled in favor of Lincoln National Life Insurance Co., and several co-defendants in July.