LOUISVILLE, Ky. — The University of Louisville Board of Trustees and the University of Louisville Foundation announced Monday that they have approved the terms agreed to in mediation to settle the lawsuit against former university president James Ramsey, his chief of staff Kathleen Smith and three prior leaders. According to a release from the foundation, the settlement marks the end of all civil litigation stemming from the Ramsey/Smith era at UofL.

“Today’s litigation settlement announcement enables the University of Louisville community to move forward and focus on our bright future. With the challenges of the recent past firmly behind us, the university is well positioned for future success,” said Foundation Board Chairman W. Earl Reed III.

In 2018, UofL sued Ramsey, accusing him of overseeing elaborate schemes to steer millions of dollars from the school’s investment arm into unauthorized ventures, depleting the endowment while padding his compensation. After reviewing stacks of documents, UofL and its foundation filed the lawsuit naming several other ex-foundation officials as defendants, including Smith.

"Dr. Ramsey is satisfied with the settlement, and its vindication of him, his staff, and the members of the UL and ULF Board of Directors that worked with him," said Stephen Pence, Ramsey's attorney, in a statement emailed to Spectrum News 1.

Ann Oldfather, Smith's attorney, called UofL's announcement a "non-statement."

In a statement received via email, Oldfather added, in part, "This community is benefited by the termination of this expensive and unjustifiable crusade, but the University missed an opportunity to be the role model it could have been with its apology to persons whom it wrongly vilified and crucified in the press while releasing them in the courtroom."

Reaching beyond campus, the suit named Stites & Harbison law firm as a defendant. It served as legal counsel for the foundation — UofL’s investment arm — during the alleged improprieties. 

“The events that caused the litigation served as a wake-up call and ultimately as a catalyst to enact significant governance reforms, implement tighter financial controls and develop a more robust infrastructure. We are grateful to the many individuals who have worked tirelessly to implement these reforms the past few years. Their actions are already yielding positive financial and operational results that will serve the University and Foundation for years to come. The University of Louisville is stronger than ever—a positive outcome for all students, faculty, staff and Cardinal stakeholders,” Reed continued.

“The university community is pleased to put this issue behind us,” said current UofL President Neeli Bendapudi. “My team and I have been focused on building community, strengthening our financial standing, implementing our strategic plan and ensuring that UofL is a great place to learn, work and invest. For UofL, the best is truly yet to come.”

The Associated Press contributed to this report.