Judge: OSU Can't Recoup 'Gift of a Lifetime' Premiums

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A federal judge has ruled that Oklahoma State University cannot recoup $33 million invested in life insurance policies for 27 athletics boosters naming the university as beneficiary. The unique "Gift of a Lifetime" fundraiser, launched in 2007 at the suggestion of oil tycoon and OSU alum T. Boone Pickens, was expected to create a $350 million windfall for the school's athletic department.

OSU later abandoned the plan and attempted to recoup the premiums it had already paid. Judge Jorge A. Solis ruled that Lincoln National Life Insurance Co. should keep the premiums as the first two yearly payments for the policies, according to an Associated Press report.

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