OSU, Pickens' Court Battle Continues
Originally Published: Feb 4, 2010 3:6 PM CDT
Oklahoma Sports Staff and Wire Reports
OKLAHOMA CITY -- The Oklahoma State athletic fundraising foundation and T. Boone Pickens filed a lawsuit against Lincoln National Life Insurance Company in an attempt to recover $33 million in premiums.
As part of OSU’s “Gift of a Lifetime” program, $10 million insurance policies were taken out on 27 supporters. The university was made as the beneficiary. OSU believed it would raise millions through the effort.
Lincoln National Life Insurance Co. argues the school’s representatives waited too long to cancel the insurance policies and therefore are not entitled to the $33 million refund on premiums.
The insurance company filed a separate lawsuit against the Cowboy Athletics Inc. in federal court last week.