User:QueenCity11/SITDraftEdit

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NJ Attorney General Matter
In September 2009, after a two-year investigation, the New Jersey Attorney General filed a lawsuit against Stevens, its then-president and chairman of the Board of Trustees alleging numerous claims involving breach of fiduciary duty and other causes of action primarily relating to financial practices and the financial management of the Institute and the compensation and certain loan transactions involving the then-president.

In January 2010, Stevens and the New Jersey Attorney General's office agreed to a settlement of the lawsuit. In the settlement, the parties agreed to a number of changes to Stevens' governance procedures. Additionally, the then-president Harold J. Raveché voluntarily decided that he would not continue as president beyond June 30, 2010. The settlement made Dr. Raveché a consultant to the Institute through October 2011 and forced him to repay the outstanding balance of loans previously made to him by Stevens. It concludes with no admission of liability or unlawful conduct by any party.