Princeton Will Pay $90 Million to Settle Endowment Misuse Claim
Seth Lapidow, of Blank Rome’s Princeton office, was recently interviewed by the New Jersey Law Journal regarding a recent settlement between
Princeton University will pay $90 million to settle a claim that it misused a multimillion-dollar gift received in 1961 from the heirs to the A&P Supermarket fortune. The plaintiffs claimed
Mr. Lapidow says, "this case highlighted and made people realize that donor restrictions are more than just words and the recipients of restricted gifts can be held accountable." The case, which has been followed by
Mr. Lapidow says getting the entire Robertson Foundation endowment was a possibility, but he adds, "Was it a likely outcome? No. Was it a possible outcome? Yes. Was it a probable outcome? We'll never know."
"What we are absolutely convinced of is that we would have prevailed at trial to the point where many hundreds of millions of dollars would have been returned to the Robertson Foundation," says Mr. Lapidow, who along with partner Stephen Orlofsky was co-counsel with Ronald Malone of
Mr. Lapidow says it was the imminence of the trial, not any particular rulings, that brought the parties together. "The spectre of an actual trial date with an actual judge ready, willing and able to try it helped the parties get closer."
“Princeton Agrees to $90 Million Settlement of Suit Alleging Misuse of Endowment” by Henry Gottlieb appeared in the New Jersey Law Journal on December 11, 2008.
To view a compilation of media coverage of Princeton v. Robertsons, please click here.