Insurance Company Settles for $800M in Boy Scouts Bankruptcy Case, Opponents Say It’s ‘Grossly Unfair’

Attorneys for the parties involved in the Boy Scouts of America (BSA) bankruptcy case have reached a tentative settlement in which one of the organization’s largest insurers would contribute $800 million into a fund for victims of child sexual abuse.

For agreeing to contribute the money into the proposed trust fund, Century Indemnity Co. would be released from any further liability.

The ultimate agreement would amount to more than $2.6 billion, which would be the largest sexual abuse settlement in U.S. history.

The news of the deal comes as 82,000 sexual abuse claimants must decide by Dec. 28 whether to approve a previously announced BSA reorganization plan.

Under the plan, the BSA and its 272 local councils would also contribute up to $820 million in cash, property, and certain insurance rights into a fund for victims. In return, the local councils and national organization would be released from any further liability.

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Source: CBN