Tuesday, October 29, 2013
Yahoo Sports reports that Penn State has reached a settlement with twenty-six victims of the Sandusky sex abuse scandal:
Penn State announced Monday that it had settled a civil suit involving 26 victims from the Jerry Sandusky sex abuse scandal and will pay out nearly $60 million.....
"The aggregate dollar amount paid by the University for the 26 settled claims is $59.7 million and will be reflected in the University’s audited financial statements for the year ended June 30, 2013."
According to the university, it believes that its various liability insurance policies cover its settlements and defense of claims and those expenses not covered by insurance will be funded from interest revenues from the university to its own self-supporting units.