Falwell Jr. alleged several board members diverted university funds to private causes and overlooked sexual misconduct by former leaders.
Chris Hundl and Daniel Savala, both involved with the Assemblies of God Chi Alpha college ministry, are facing felony charges in Texas.
The lawsuit has been pending since 2016 and was settled under undisclosed terms.
Higher Ed Dive covers closings, mergers, acquisitions and consolidations.
Samford & Abilene Christian Move Into Top 10, Moody Bible Institute Is Biggest Mover
A closer look at a Christian college offering correspondence degrees to prisoners raises more questions than answers.
Tuition price decrease announced to coincide with move after 65 years.
Students enrolling in the Multnomah School of Professional Studies are no longer required to sign a faith statement.