University Park, PA, United States (4E Sports) – Penn State has reached settlement with 26 sexual abuse victims of former assistant football coach Jerry Sandusky, which includes a release of all claims against the university and other parties.
The university will shell out a total of $59.7 million, which will be reflected in Penn State’s audited financial statements for the year ended June 30, 2013. The terms of the settlement are subject to confidentiality agreement.
Of the 26, 23 settlements are fully signed and three are agreed in principle. Final documentation is expected within the next few weeks.
“The Board of Trustees has had as one of its primary objectives to reach settlements in a way that is fair and respects the privacy of the individuals involved,” said Keith Masser, chair of the Board of Trustees.
“This is another important milestone in accomplishing that goal. I would like to thank the board’s Legal and Compliance Committee, as well as its Legal Subcommittee for its leadership throughout this process,” Masser added.
University president Rodney Erickson said the settlement is another step forward in the healing process for those hurt by Sandusky, and another step forward for Penn State.
“We cannot undo what has been done, but we can and must do everything possible to learn from this and ensure it never happens again at Penn State,” Erickson added.
University officials said the amount will not be funded by student tuition, taxpayer funds or donations, clarifying that various liability insurance policies will cover the settlements and defense of claims brought against Penn State and its officers, employees and trustees.
Penn State has received claims from 32 individuals who were or allege that they were victims of Sandusky. The University has rejected certain of the six remaining claims as being without merit and has engaged others in possible settlement discussions.
Over the past year, Penn State has instituted more than 115 changes related to safety, human resources, security, compliance and governance.
“We have made great strides, but a great deal of work remains,” Erickson said. “Our University is a better institution today as a result of the work and dedication of our trustees, administrators, faculty, staff and students.”