On January 15, 2010, Stevens announced that the institute and the attorney general's office settled the competing lawsuits. In the settlement, the parties agreed to a number of changes to Stevens' governance procedures, and it appointed a special counsel to oversee the implementation of these changes and prepare periodic reports on Stevens’ progress. Additionally, in a letter to the institute on January 15, 2010, the chairman of the board of trustees, Lawrence T. Babbio Jr., and the then-president Harold J. Raveché announced that Raveché had voluntarily decided not to continue as president beyond June 30, 2010 after 22 years in that position. The settlement made Dr. Raveché a consultant to the institute through October 2011 and forced him to repay the outstanding balance of loans previously made to him by Stevens. It concludes with no admission of liability or unlawful conduct by any party.