Out of its three comma endowment, it will pay a settlement of about six hundred student's annual tuition, which is a little less than a quarter of their undergrad population. After a six year smear campaign, sounds like money well spent!
> Dear Obies,
> Today, Oberlin College and Conservatory initiated payment in full of the $36.59 million judgment in the Gibson’s Bakery case, an amount that represents the awarded damages and interest owed. Please see the college’s public statement below.
> While this outcome is a disappointment, our financial plans for this possibility, which included insurance coverage, mean that this payment will not impact or diminish our academic or student life experience, or require us to draw down Oberlin’s endowment.
> Like me, the majority of the campus was not here at the beginning of this matter in 2016. But it is also true that this case has been difficult for all of us who love this institution and its hometown. I am looking forward to all that is ahead, and remain focused on Oberlin’s core mission of providing a truly excellent liberal arts and musical education.
> Carmen Twillie Ambar > President
The buck stops with my predecessor. Delightful executive engineering of the slimiest sort. One gets paid to own the past at that level. Accepting the job requires due diligence on the past and being paid to own any uncertainty. That is one disgustingly cowardly sentence meriting immediate action by the board to throw this bum out.
Notice, I don't care about the outcome but only the integrity that such an exec should show.
We’re in the same society, this is bad precedent, and I’d prefer for it not to happen where I am.
“I was not here. The reason I am here has something to do with what happened.”
I would guess most of Oberlin’s leadership from the time of the incident has moved in. At least those who would be seen as culpable, fair or not.
Edit: yes, basically all new leadership since the incident: https://www.oberlin.edu/president. It may seem like they are distancing themselves, but, well, they are distant from it. They have probably spent their time at Oberlin cleaning up other people’s messes and are fairly exhausted by it. Not an excuse, but you can imagine it has lingered over their tenure.
Pretty incredible Oberlin can get out of this considering what other insurers will do to avoid paying for incidents with cause.
Yeah I'm a bit surprised by that, too. The negotiations with their insurer must have been really something. Only thing I can imagine is that they cut some sort of deal that makes it worth the insurance company not trying to fight with them over it. Maybe they have to basically pay it back over time with interest..?