WILMINGTON, NC (WECT) - Cape Fear Community College and its insurer will pay Dr. Ted Spring a combined $468,000 as part of its settlement with the former college president, according to federal court documents.
CFCC announced it had reached a settlement with Spring, who alleged he was forced to resign in his lawsuit against the college and its board, in late October. His abrupt resignation in January 2015 came after a series of WECT investigative reports detailing purchases he made with his college-issued credit card.
Wright Specialty Insurance, CFCC's insurer, will pay Spring $348,000, and the college will pay $120,000, which is equal to the amount of severance the college indicated it would provide Spring at the end of his employment.
As a result of the agreement, the lawsuit has been dismissed and "terminates all aspects of the relationship between [CFCC and Spring] for all time," the document states.
CFCC Board of Trustees Chair Mat White previously said that although the college "had looked forward to proving Dr. Spring's allegations to be false," time and mounting legal fees made it "apparent that a settlement should be pursued."