No Evidence Found That Dartmouth Violated Law With Investments

The New Hampshire Attorney General's office said Friday that allegations from this summer that Dartmouth College trustees steered the college's investments toward their own firms did not merit further investigation and that the office had found no evidence of wrongdoing. An anonymous letter to the office earlier this year alleged that at least 10 Dartmouth alumni who sat on its board of trustees and investment board had made investments that were good for them but bad for the institution's long-term financial health. "Based on the unsupported nature of the allegations in the Complaint, the content of the Responses, and our review of the college's most recent financial statement," the office wrote in a letter to the college's general counsel Friday, "we find no basis to conclude Dartmouth's Trustees have violated state law by engaging in related party transactions involving the investment of a portion of Dartmouth's endowment."

“The Attorney General’s finding that these anonymous and baseless allegations are without merit speaks to the rigor of Dartmouth’s policy and practice," the college said in a statement. "As we have said previously, Dartmouth meets or exceeds all the requirements of New Hampshire law with regard to its endowment investments and for investments with firms managed by trustees or Investment Committee members.”