By Nasai Rivas
A settlement between Long Beach State and a long time university donor has been reached.
On Jan. 13, CSULB published a press release stating the university, 96-year-old philanthropist Regena Cole and her court-appointed Guardian ad litem agreed to permanently dismiss claims filed by Cole against the university in 2022.
The five claims dismissed include financial elder abuse, fraud, negligent misrepresentation and two counts of recession.
“The court-appointed Guardian ad litem and CSULB agreed to a settlement that provides for the claims filed in Mrs. Cole’s name to be dismissed, with prejudice, and that Mrs. Cole’s estate should be used as she intended to benefit the Bob Cole Conservatory of Music and its students,” the press release stated.
Cole’s claims followed a $25 million gift agreement between her and the university, signed back in 2020.
The gift agreement money was set to go to CSULB’s music department.
However, on Nov. 21, 2022, Cole filed a lawsuit against CSULB where she and her attorneys alleged the university had coerced her into signing the gift agreement.
Cole and her attorneys sought $500,000 in damages and further alleged the university committed elder abuse, fraud and negligent misrepresentation.
Both parties have since agreed on a settlement, with Cole’s “substantial estate” set to support the Bob Cole Conservatory of Music upon her passing, according to the press release.
The press release further states, Cole’s estate will be used to fund the Cole Scholars’ educational costs including room and board, fees, books and musical instruments.
In addition, her estate will be used to upgrade Conservatory facilities and create a “Student Enrichment Fund.”
The fund will support tutoring, library materials, computers, travel expenses, recording equipment and other assistance for students of the Bob Cole Conservatory of Music.
“This agreement honors the Coles’ decades-long legacy of support to the Conservatory and the Cole Scholars. It is estimated that the Coles’ cumulative philanthropy to Cal State Long Beach may ultimately reach nearly $60 million, ensuring that the Bob Cole Conservatory remains a top destination of choice for music students,” the press release stated.
For 30 years, both Cole and her late husband Bob have donated to CSULB’s music programs.
In 1994, the Coles gave the bulk of their estate to the Cole Memorial Scholarship Fund.
In 2008, four years after her husband’s passing in 2004, Cole donated $16.4 million to the university to go toward student musician scholarships.
The donation resulted in the renaming of the music department to the Bob Cole Conservatory of Music.
The Current’s attempts to contact attorneys for both Cole and the university for comment were unsuccessful, neither providing a response by time of publication.
The Current also contacted Associate Vice President of Strategic Communications Jeff Cook for comment.
“The statement is the extent to which we have information to share,” Cook said in an email.
