Lincoln University reaches settlement with foundation

JEFFERSON CITY, Mo. (KMIZ)

The former Lincoln University Foundation will retain control over its endowed scholarships under a lawsuit settlement reached last month.

A federal judge approved the settlement between the university and the 62nd and 65th Regiments Legacy Foundation on May 19. The foundation, named for black Civil War veterans who put up the money to start the university, announced the settlement in a news release Tuesday.

Lincoln announced in February 2019 that it was ending its relationship with the foundation, which had worked with the school since 1972. Lincoln leadership said the school planned to start raising funds for scholarships on its own.

The foundation sued, claiming the university was denying it access to financial records.

"Considerable time, treasure and talent have been expended in a legal battle triggered by an unexpected and inexplicable severance of the near 50-year relationship that the Foundation enjoyed with Lincoln University. That struggle is behind us now," the foundation said in a statement.

Lincoln spokeswoman Misty Young said the university was pleased a settlement had been reached.

The settlement allows the foundation to retain control of all endowed scholarships, according to the release. The organization will operate under its new name from offices on Lafayette Street in Jefferson City.