Avoiding a costly trial, Princeton University will pay $90 million to settle a claim that it misused a multimillion-dollar gift received in 1961 from the heirs to the A&P Supermarket fortune. U.S. universities, whose endowments totaled more than $400 billion before the market plunge, have watched the case closely because it raises a crucial question: How strictly must universities adhere to donors' wishes about how contributions should be managed and spent?
Princeton Agrees to $90 Million Settlement of Suit Alleging Misuse of Endowment
New Jersey Law Journal
December 11, 2008