The University of Louisville and its investment foundation agreed to a $800,000 settlement Monday, marking the end of a legal battle between the university and its former president James Ramsey, the Courier Journal reported.
The university sued Ramsey and several other former university and foundation officials in 2018, accusing them of purposefully causing the foundation to spend endowment money on “speculative ventures, loans and gifts that had little realistic chance of repayment,” the Courier Journal wrote.
Ramsey’s attorney told the Courier Journal on Monday that none of the accusations were proved.
Louisville spent $6 million on the lawsuit, but the settlement makes up only 1 percent of the $80 million the university sought. The $800,000 will be paid for using an insurance policy that covered foundation officers and directors. The money will go directly to the foundation.