Joint statement regarding Sweet Briar College legal settlement

The Court has approved the negotiated settlement agreement resolving the litigation involving Sweet Briar College. Under the court-approved settlement agreement, Saving Sweet Briar Inc. has committed to delivering donations of at least $12 million in new funding to the College for its continued operation. Upon the College’s receipt of those donations, the Attorney General of Virginia has agreed to consent to release of restrictions on $16 million in institutional funds in the College’s endowment. Upon the College’s receipt of the first $2.5 million installment of those donations by July 2 [seven business days after court’s approval], there will be a leadership change at the College: at least 13 members of the Board of Directors of the College will resign; and the board will elect 18 new members to the College’s Board of Directors. These new directors were nominated by the plaintiffs in the litigation involving the College, and, once elected, will constitute a majority of the board. The settlement agreement also provides for the payment of severance to faculty and staff who are not offered continued employment by the College or who have taken up positions elsewhere as a result of the earlier announcement that the College would close. All pending suits involving the College have been dismissed with prejudice. The court retains jurisdiction to enforce the terms of the settlement agreement.