Both Missouri University and Missouri State University are set to benefit following a government settlement with credit ratings agency Standard & Poor’s.
The state of Missouri is to receive $21.5m for its general revenue fund following the settlement, of which $4.7m will go towards a medical school at Missouri University’s Springfield campus. In addition, Missouri State University will be granted $620,000 for a planned occupational therapy degree programme.
The funding comes following a settlement between the United States Government and the credit ratings agency after government allegations that Standard & Poor’s knowingly inflating ratings of sub-prime mortgage investments which led to financial crisis of 2008. The windfall for Missouri is part of a wider $1.5bn to be paid by the ratings agency to settle a collection of lawsuits related to the crisis, according to news provider Reuters.
In addition to the university investments, money will also be spent on state veteran’s homes, cybercrime task forces, and shelters for victims of domestic violence.
