Penn State will pay $59.7 million to 26 young men over claims of sexual abuse by former assistant coach Jerry Sandusky, the university announced Monday.
Of the 26 settlements, 23 are fully signed and three have been agreed upon in principle. The settlements include a release of all claims against Penn State and other parties.
The money for the settlement payouts is not coming from student tuition, taxpayers or donations, according to the university.
“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,” Keith Masser, chair of the Penn State Board of Trustees, said in a statement. “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.”
“We hope this is another step forward in the healing process for those hurt by Mr. Sandusky, and another step forward for Penn State,” university president Rodney Erickson said. “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.”
“… 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.”