The University of Louisville has reached a settlement agreement in the amount of $4.5 million with former athletic director Tom Jurich. Jurich was fired last October in the wake of a recruiting scandal uncovered by the FBI that found corruption inside college basketball, and ultimately cost Hall of Fame coach Rick Pitino his job.

Jurich served as Louisville's athletic director for nearly 20 years and disputed the basis of his firing for cause. Upon the time of his firing, Jurich's legal counsel deemed the move was done "in haste with inaccurate information that should have had no bearing on continuing his employment."

The University of Louisville Athletic Association and board of trustees approved Friday the multi-million dollar settlement with the agreement that his employment ended "without cause" as a result of his resignation. According to the Courier-Journal, the agreement also states that Jurich is owed and will receive certain employment benefits, including nearly $2.7 million in additional compensation.

"I have spent the better part of my career working with a dedicated team of athletes, coaches, and staff to elevate the University of Louisville's Athletic Department and I am proud of what we accomplished which is well documented," Jurich said in a statement.

"Everyone is pleased that this matter has been successfully resolved," trustees chairman J. David Grissom said in a statement of the settlement. "All parties can move forward to begin the next chapter."

Jurich was instrumental in developing Louisville into the respected power it is now. He led the charge for UL to join the ACC and made a number of successful moves, including hiring Rick Pitino, who led the Cardinals to the 2013 national championship.

Pitino was fired for just cause days before Jurich was given the same treatment last fall for his alleged involvement in funneling money to the family of Louisville freshman and former five-star prospect Brian Bowen in return for his commitment to the school. Pitino has since denied the allegations brought forth by the FBI, and has filed a federal suit against Louisville seeking $38.7 million for breach of contract.