University of Chicago countersues over withdrawn $100M gift
CHICAGO – The University of Chicago is countersuing a benefactor that pledged a $100 million donation but wants to void the commitment.
The Thomas L. Pearson and The Pearson Family Foundation has asked a federal court in Oklahoma to void the deal and recoup the nearly $23 million already given to the university to establish The Pearson Institute for the Study and Resolution of Global Conflicts.
The foundation claims the university failed to live up to its promises.
The Chicago Tribune reports that the university made court filings last week to dismiss the lawsuit, arguing the Pearsons can't prove the university violated any specific grant agreement obligations.
The university also filed a countersuit against the Pearsons for failing to pay the latest donation installment.
Information from: Chicago Tribune, http://www.chicagotribune.com