University of Chicago countersuing over $100 million pledge
The Associated Press and The Chicago Tribune - April 9, 2018 10:03 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) – The University of Chicago is countersuing a large donor that pledged $100 million but is suing the school looking to void the commitment.
The Chicago Tribune reports the university made court filings last week seeking to dismiss the lawsuit filed against it by the Thomas L. Pearson and The Pearson Family Foundation in Oklahoma federal court. The foundation wants a judge to void the deal and recoup for it 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 school argues 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