Penn State OK'd $60M settlement with two dozen claimed Sandusky abuse victims, WSJ says
The trustees of Pennsylvania State University have OK’d a settlement of approximately $60 million with about two dozen claimed victims of sexual abuse by former assistant football coach Jerry Sandusky.
The university announced a settlement on Friday, but not the amount or the number of victims, and declined to comment further on Wednesday, reports the Wall Street Journal (sub. req.), in an article that relies on unidentified sources.
Partner Michael Rozen of Feinberg Rozen is in charge of settlement negotiations for the university. “I’m optimistic that final resolutions of the majority of claimants can be obtained in the near future,” he told the newspaper.
The $60 million settlement would not include all claimed victims of Sandusky. He was convicted last year of sexually abusing 10 boys over a period of a decade or so and is serving a 30- to 60-year prison term. More individuals have since come forward with accusations dating back as far as the 1970s.
Also unresolved is whether insurance will cover the settlements; Penn State officials have said it would, however, the carrier says it does not have a duty to pay.
Other costs in the case include a $60M fine by the governing body of collegiate football and legal defense and investigative costs in the tens of millions of dollars, bringing the total estimated bill for Penn State to a little over $154 million and counting, according to the Centre Daily Times.
Hat tip: Reuters
ABAJournal.com: “Sandusky matter has cost Penn State over $41M, not including possible victim settlements”