Texas A&M Foundation Hit With a Lawsuit

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A man who's father served 12 years on the Texas A&M Board of Directors, now the Board of Reagents, is suing the A&M Foundation.

Al Cudlipp Jr. established a scholarship fund in honor of his parents nearly 30 years ago. Cudlipp said the foundation has been awarding the scholarships to graduated students and has been using the funds for other awards entirely. He also believes the endowment is missing money.

"I thought I was dealing with honorable people and we have a formal, which I thought was a legally binding agreement establishing the scholarship fund and I don't understand how that can be ignored," said Cudlipp.

The lawsuit asks that a Lufkin court transfer the fund to the University of Texas.

President of the foundation, Eddie Davis, said auditors and the Texas Attorney General's Office have examined the allegations and found no validity to them.