A “planning committee” advising the Kent State University Foundation on the use of funds for a symposium lacks standing to challenge the Foundation’s decision to suspend the symposium, an appellate court in Ohio has ruled. It has affirmed a trial court decision that the committee was not a third-party beneficiary of the original gift agreement and had no standing to enforce the terms of the agreement. The Chicago Board of Trade Educational Research Foundation gave $1.2 million to the University Foundation in 2002 to be used (1) to support an annual symposium on futures, options and financial engineering and (2) to support a Master’s program in Financial Engineering. The agreement provided...