[Edit] If you are interested in seeing the lawsuit filed by the Attorney General click here – [download id=”6″]. Thanks to Professor Wharton again for the primary source. [/Edit]
I have a feeling Stevens doesn’t want this to be a prolonged, dragged out process as they have already highlighted in their briefing earlier for a private, confidential arbitration — which would be a huge win for the Institution but makes you wonder what they have to hide? It could just be a case of hiding bad PR for a private school that has developed international reaches over the past decade and the longer this is out in the media, the more it hurts their standing.
Anyways, here is an email that was just sent out the entire Stevens’ community regarding the legal action that was filed by the Stevens Institute of Technology Board of Trustees. Stevens definitely tries to make a very legitimate case that the Attorney General has overstepped her boundaries but is that enough justification to try and cover up their financial misappropriation of endowment funds and excessive compensation to people like President Hal Raveche.
TO: Students, Faculty, Alumni and Staff
Stevens Institute of Technology
FROM: The Board of Trustees
RE: Action Filed by the Board of Trustees
Against the Attorney General of the State of New Jersey
DATE: September 17, 2009The Board of Trustees of Stevens Institute of Technology yesterday filed legal action in the Superior Court of New Jersey to enjoin New Jersey Attorney General Anne Milgram from imposing unreasonable and unwarranted demands on the Board with respect to the independence and governance of the Institute.
The Board did not take this action lightly. After lengthy discussions with the Institute’s attorneys, the Board came to the unanimous conclusion that the Attorney General had substantially overstepped her authority demanding that her judgment be substituted for that of the men and women of the Board.
The Board concluded that the Attorney General’s demands had to be vigorously contested to protect the best interests of the Institute.
It was the Board’s unanimous belief that to allow the Attorney General to unilaterally impose herself on matters concerning the future of the Institute, and to allow her to substitute her judgment for that of the members of the Board, would be a clear violation of the fiduciary, moral, ethical and legal obligations that the trustees have to the Institute, its students, faculty, staff and alumni.
We have posted our legal filing and the announcement of our actions on the web at www.stevens.edu/sit/board-of-trustees-statement.cfm. Of course, we will keep you abreast of all important developments as they occur.
The Board asks that you keep an open mind in the debate in the public arena that is inevitable and to check back from time to time at our web site for updates on information we can release about the progress of the proceedings.
The Board has resolved not to let this matter become a distraction from the remarkable success that Stevens has enjoyed in its 140-year history. We hope that it will not detract from continued progress at one of America’s leading research and technological universities.
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Hal Raveché and Larry Babbio have been sweeping charges about their misuse of Stevens funds under the rug for about ten years. It's about time they were flushed into the open and made to publicly account for their actions in enriching Raveché through sweetheart deals at the expense of the institution.
As a current student, you hear far too many rumors about the antics of Hal, the Board and the stuff being swept under the rug. I definitely don't mind this coming into the spotlight now as the air definitely needs to be cleared publicly and the person (or persons) involved need to be held accountable.