A foundation supporting Oklahoma State University’s athletic department has sued a life insurance company, alleging the foundation was a victim of “deceptive and fraudulent conduct and practices” regarding its “Gift of a Lifetime” insurance program.

Cowboy Athletics, a non-profit fundraising foundation for the benefit of OSU’s athletic department, alleges that it paid inflated premium amounts on policies issued by Lincoln National Life Insurance Co. Investor T. Boone Pickens, who helped provide initial financing for the plan, joined Cowboy Athletics, OSU officials said.

The suit seeks damages, alleging fraud, breach of contract and negligence, according to a statement from the university. University officials said supporters who participated in the insurance plan paid nothing to participate and were not harmed financially.

In the court filing, Cowboy Athletics argues that the insurer presented “a fabricated series of financial results” that led the plaintiffs to believe “the insurance strategy was the product of sound actuarial analysis and proven financial stratagems.”

The suit also alleges Lincoln National “set forth misleading scenarios that were not based upon valid actuarial bases or mortality rates.”

In 2006, Cowboy Athletics took out $10 million life insurance policies on 27 individuals. The foundation made two $16 million annual premium payments “before halting further payments when it became clear that promised financing would not become available and learned that it had been deceived in other ways, according to a statement.

The policies were cancelled within 10 days of receiving the actual policy papers, in March 2009, according to the statement. The policy papers were not provided in a timely manner, according to the foundation.

As a result of the earlier overpayments in premiums, none of the policies have lapsed at this time, according to Cowboy Athletics.