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Mon Jul 25, 2016, 05:34 AM

Despite criticism over Sandusky payouts, Lubert elected PSU board chair

LEHMAN, Pa. - Despite criticism over his approval of $93 million in settlement payments to Jerry Sandusky's accusers, Philadelphia investment-fund manager Ira Lubert was elected chairman of Pennsylvania State University's board of trustees Friday.

The election was uncontested, but some alumni trustees had been vocal last week about their hesitance to elect Lubert without public scrutiny of the money paid to 32 Sandusky accusers. As chair of the board's legal subcommittee in 2012, Lubert oversaw the payout negotiation process.

As Lubert was bringing the meeting to a close, trustee Anthony Lubrano interrupted to praise Lubert for his behavior at a closed session that preceded the board meeting. Lubrano, the president of an Exton-based financial services and wealth management firm, was one of the alumni trustees who had been critical of Lubert.

"I want to commend you for this morning's discussion. I thought you demonstrated great leadership and confidence," Lubrano said. "It is unfortunate that we only got to hear it in executive session."

Read more: http://www.philly.com/philly/education/20160723_Despite_criticism_over_Sandusky_payouts__Lubert_elected_PSU_board_chair.html

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