96-year-old philanthropist reaches tentative settlement over disputed $25 million donation to CSULB

A 96-year-old woman who claims she was coerced into donating $25 million for music education at Cal State Long Beach has tentatively settled her 2022 lawsuit against the university.

Regena Cole, a longtime philanthropist to the college, had alleged elder abuse, fraud and negligent misrepresentation in her 2022 lawsuit against the California State University system Board of Trustees as well as the 49er Foundation, which manages the university’s charitable donations.

She sought more than $500,000 in damages and a court order voiding a contract for her donation to CSULB.

The settlement was outlined June 7 in a Los Angeles Superior Court agreement signed off by Cole’s guardian, attorney Adam L. Streltzer, the Board of Trustees and the foundation, according to court records. Terms of the settlement were not disclosed.

CSU trustees and the 49er Foundation did not return phone calls and emails seeking comment. Streltzer and Cole could not be reached.

Cole worked with her husband, Bob Cole, in real estate to build a “healthy financial portfolio” that was used to support many charitable organizations, including the 49er Foundation, the suit stated.

In honor of her late husband’s love of music, Cole pledged $16.4 million in 2008 to the CSULB music department. The gift was the single largest donation in Cal State Long Beach history, and established the Bob Cole Conservatory of Music.

As a result of the donation, Michele Cesca, former chief executive officer of the 49er Foundation, was aware of Cole’s history of philanthropy and took advantage of her gradual memory lapses and moments of confusion, according to the suit.

In early 2020, Cole expressed a desire to continue her philanthropic work at CSULB through the 49er Foundation and began confidential discussions with her attorney about the amount and terms of a donation.

Cesca allegedly used her relationship with Cole to improperly obtain confidential attorney-client information about the possible donation and began a campaign to deceive and manipulate her into signing away her fortune.

The 49er Foundation presented an agreement to Cole for her to give an irrevocable $25 million gift largely to benefit new construction of the Robert Bersi University Music Village. According to the suit, if the donation wasn’t fulfilled during Cole’s lifetime, the unpaid amount would be fulfilled through her estate upon her death.

Cole signed the agreement on Aug. 19, 2020, while three other CSULB officials — including university President Jane Close Conoley — allegedly signed days later. There is no evidence the agreement was notarized and fully disclosed to Cole, alleged the suit, which added that the 49er Foundation fraudulently and negligently misrepresented to her the document had been drafted and approved by her attorney.

“As a result of these predatory and manipulative practices, Mrs. Cole had no understanding of the terms that she allegedly agreed to and their impact,” alleged the suit. Even if the plaintiff had liquidated her entire investment portfolio, the suit alleged, she would not have $25 million in cash to satisfy the donation.

In a countersuit brought in June 2023, defense attorneys maintained Cole breached the 2020 agreement and demanded payment of just under $25 million.

City News Service contributed to this report.