Yale Settles With Company That Sought Return of $1.7-Million Donation

Yale University has agreed to pay $1-million to Industrial Enterprises of America, to settle the company’s complaint that its former chief executive, John Mazzuto, had made a $1.7-million donation to Yale in shares of company stock that he may have obtained illegally, reports the Yale Daily News. Mr. Mazzuto, a Yale alumnus, was arrested in May and charged with issuing shares of the company’s stock through an option plan meant for its employees. The company, which had sought $1.5-million in restitution, initially threatened to sue the university. Yale, which used the gift to build a baseball facility, had said it would wait until Mr. Mazzuto’s case had been adjudicated in the courts before taking any action.