Oklahoma State’s athletic dept., Pickens sue life insurance company over fundraising program

Okla. St. sues insurance company over fundraising

STILLWATER, Okla. — Billionaire booster T. Boone Pickens and the fundraising arm of Oklahoma State’s athletic department are suing a life insurance company over a program aimed at bringing in millions of dollars.

Oklahoma State says it hopes to recover some of the $33.3 million in premiums it’s paid Lincoln National Life Insurance Co. through the “Gift of a Lifetime” program.

The fundraising effort involved the university taking out $10 million life insurance policies on 27 donors with OSU as the beneficiary.

The university claims in the lawsuit announced Wednesday that the insurance company charged inflated premiums. It also says information that led the school to believe the program was a sound investment strategy was fabricated.

Messages left with spokeswomen for Lincoln Financial Group weren’t immediately returned.