ACC, Maryland settle legal dispute over Big Ten exit for $31 million
AUG 08, 2014 1:59p ET
Under terms of a settlement announced Friday, the ACC will keep the roughly $31 million it had previously withheld from Maryland and the school will not owe the conference any more money.
In addition, lawsuits filed by both sides will be dismissed.
After Maryland's 2012 announcement that it would leave for the Big Ten, the ACC sued the school seeking full payment of the $52 million exit fee.
Maryland then sued the ACC, calling the fee an illegal penalty, and earlier this year filed a $157 million counterclaim against the conference.
Maryland President Wallace D. Loh says the settlement ''helps usher in exciting new eras'' for the school and conference.