A name-dropped hall of ‘injustice’
A Wall Street pioneer who is credited with inventing money market funds has sued his alma mater St. John’s University for purging his name from their business school, according to court papers.
Bruce Bent gave St. John’s a donation in 1981 to help fund a new business-school building — and he assumed his name would grace the front of the facility forever.
A source said he forked over $500,000 at the time to help erect what was named Bent Hall.
“The university promised at the time, and has subsequently confirmed in writing, that the naming rights were granted to Bent in perpetuity,” according to the suit.
The business school was later named after businessman and dean Peter J. Tobin in 1999 after he donated $10 million — but the building was still called Bent Hall and featured his name on the facade.
But the suit claims that the university ruined Bent’s shot at immortality after the building was renovated with donations in 2016.
Tobin was not part of that campaign and Bent declined to contribute, according to a school spokesman.
“Bent Hall, which after 36 years had reached the end of its useful life, has been extensively renovated as a new, modern facility to exclusively house the university’s business school,” said Brian Browne. “While Mr. Bent was presented with the opportunity to become involved with this new facility, he made the decision not to do so.”
After more than 35 years, Bent’s name was removed from the new facade and replaced with a sign reading “The Peter J. Tobin College of Business.”
The facility also scrapped references to Bent Hall in official communications, according to the suit.
In what Bent terms a “betrayal,” the school “minimized” his name such that “one has to search to find a single obscure reference over a side service entrance.”
“They were happy to take his money,” said Bent’s spokesman Richard Mahony. “But they didn’t keep their promise.”
School officials argued that Bent Hall formerly housed two professional schools, and the sign was changed because it became dedicated just to business.
The suit argues that Bent’s initial gift is now worth $10 million and that St. John’s should compensate him.
Bent’s suit references the renaming process of a Lincoln Center building in establishing the school’s wrongdoing.
The performing arts complex paid the family of Avery Fisher $15 million after his name was removed from a concert hall and was renamed inn honor of David Geffen.
Bent is suing for unspecified damages to be determined at trial.