Ted Spring to receive nearly $500,000 from CFCC

WILMINGTON, NC (WWAY) — Cape Fear Community College and its insurer will pay former CFCC President Ted Spring nearly $500,000.

According to court documents filed last week, Spring will receive $348,000 from Wright Specialty Insurance.  The Board of Trustees will pay another $120,000, which is equal to the amount of severance pay the college indicated it would provide to Spring at the end of his employment.

Per the agreement, there is no admission of liability or wrongdoing.

Spring resigned from CFCC in January of 2015. Two months later, he filed suit against the college claiming he was forced to resign. In August of 2015, the SBI begin looking into Spring after an state auditor released a report calling some of Spring’s spending “inappropriate.” The SBI provided documents, records and other information to Tammy Smith, a prosecutor for the Conference of District Attorneys.

One year later, Smith said there was not enough evidence to support criminal charges against Spring.

In January of this year, CFCC’s Board of Trustees filed a motion to dismiss the suit, but a federal judge denied it.

Late last month, CFCC announced they had settled the suit with Spring, but at the time, full terms of the agreement were not released.