The National Museum of Industrial History and Lehigh University have agreed to split $5.5 million from a trust fund set up nearly 30 years ago.
The university and the museum announced a settlement Friday.
Lehigh will get a 60 percent share, and the museum will receive 40 percent.
The university plans to use the money for scholarships, while the long-delayed museum will use it on exhibits and to defray opening and operational costs.
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The trust was set up by Bethlehem Steel to indemnify a group of executives. The money was supposed to go to Lehigh if it the trust did not have to pay any claims. A group of former company officials who had been covered by the trust sought to change the beneficiary to the museum, on whose board many of them sit.