Penn State's $60-Million Sandusky Settlement

Penn State to Pay Victims: Associated Press: "Penn State said Monday it is paying $59.7 million to 26 young men over claims of child sexual abuse at the hands of former assistant football coach Jerry Sandusky. The school said 23 deals are fully signed and three are agreements in principle, but it did not disclose the names of the recipients. The school faces six other claims, and the university says it believes some of those do not have merit while others may produce settlements. ... The settlements have been unfolding since mid-August, when attorneys for the accusers began to disclose them. Penn State has not been confirming them, waiting instead to announce deals at once."

Where the Cash Comes From: Penn State press release: "The settlement amounts will not be funded by student tuition, taxpayer funds or donations, according to officials. The University maintains various liability insurance policies, which the University believes cover the settlements and defense of claims brought against Penn State and its officers, employees and trustees. Expenses not covered by insurance are expected to be funded from interest revenues related to loans made by the University to its self-supporting units."

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