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COLLEGEVILLE, Minnesota – An alumnus of St. John's University has lost his bid for $ 300,000, which he says has been distributed to unworthy students.
California lawyer Roger Lindmark created the Settlement Fund that he was awarded as a plaintiff in a case of interest calculation against American Express and as a lawyer in an antitrust case.
In 2010, he and St. John's agreed that the funds would be distributed to aspiring seniors who are completing a major summer research project on business ethics. But Lindmark asked the school to return the gift after discovering that most fellows had not completed their projects or conducted research unrelated to business ethics.
"St. John's took care of everything because there is no doubt that the fund was mismanaged, "he said on Monday.
In May, the Collegeville, Minnesota, school asked a Stearns County District Court Judge to confirm that he was properly administering the endowment fund.
St. John's was successful in December when a judge rejected Lindmark's legal argument that the endowment was a contract between him and his alma mater. On Friday, the Lindmark-based Federal Court Judge also ruled in favor of the school.
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