Foundation seeks to retract $100 million pledge to University of Chicago
The Associated Press - March 6, 2018 9:44 am
Timothy R. Pearson, of the The Pearson Family Members Foundation, announced in 2015 that his organization has donated a $100 million gift to the University of Chicago to open The Pearson Institute for the Study and Resolution of Global Conflicts.
CHICAGO (AP) – A family that in 2015 pledged $100 million to the University of Chicago is suing to void its commitment, saying the school failed to live up to its promises.
The lawsuit by The Thomas L. Pearson and The Pearson Family Foundation was filed last month in U.S. District Court in Oklahoma. The foundation wants a judge to void the deal and recoup for it nearly $23 million already given the university to establish The Pearson Institute for the Study and Resolution of Global Conflicts.
The foundation’s lawsuit alleges the university failed to hire a proper director for the institute within the agreed upon time frame. It says it doesn’t believe the university is a capable steward of the Pearson family legacy.
The university says it has honored the agreement with the Pearsons.