DICKINSON, N.D. - Assistant Attorney General Parrell Grossman announced in court Monday that the Dickinson State University Foundation has reached a tentative $6 million settlement with major creditors.
The foundation has been in receivership since 2014.
Donors will be testifying to ensure their money will be transferred to the new foundation.
“The donors simply want to appear and inform the court the nature and purpose of their donations and explain their funds were intended to be restricted and used for student and faculty scholarships,” said Grossman.
The settlement still needs a judges' approval before it becomes official.
Any left over assets will be transferred over to the new Foundation.