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June 19, 2008, 12:55 PM ET
Insurance Company Ordered to Pay Princeton $9.6-Million in Legal Fees
A court has ordered an insurance carrier to pay Princeton University $9.6-million in legal fees related to a donor-intention dispute, after the insurer tried to cap its coverage at $5-million, reports the Times of Trenton.
Princeton is embroiled in a legal battle with the heirs of donors Charles S. and Marie Robertson, who gave $35-million in 1961 to encourage students to pursue careers in public service. The Robertson children argue that the university has used the endowment, which now stands at $880-million, for other purposes; the university says that it has fulfilled its obligations.
Because the Robertson Foundation board, which manages the endowment, is made up of four university-appointed members along with three family-appointed members, the insurance company sought to deny full coverage and argued the legal-expense claims were due to one insured party suing another. In 2006, the university sued National Union Fire Company of Pittsburgh and its parent company, American International Group.
A lawyer for Princeton says that legal expenses on both sides have totaled more than $50-million so far, the newspaper reports.
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