Maddox Foundation, Tennessee settle contentious lawsuit

Under the terms of the agreement, announced at a press conference in Nashville this afternoon, the $100 million Maddox Foundation will be split roughly in two.

Tennessee will receive $55 million in liquid assets to seed a new nonprofit in Nashville to be called the Dan and Margaret Maddox Charitable Trust. The Maddox Foundation in Mississippi will retain $26 million in liquid assets as well as real estate assets valued at $20 million to $30 million.

Commercial Appeal