A settlement has been reached in litigation over the University of Idaho’s failed University Place real estate project in Boise. Under its terms, the UI Foundation will pay $2.5 million and the various parties’ insurers will pay $5.8 million, for a total $8.3 million mediated settlement. Of that, $5.8 million goes to the foundation’s Consolidated Investment Trust, and the other $2.5 million goes to the university.
In a joint statement, the parties, who include law firms, insurance companies, the UI Foundation board, and former UI officials including former President Robert Hoover, said, “The settlement is a reasonable resolution of an extremely complex matter, avoids substantial future litigation costs, and is in the best interest of the University community.”
The amount being paid by each party is being kept secret.