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The Hartford agrees to pay $650M in Boy Scouts bankruptcy
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The Hartford agrees to pay $650M in Boy Scouts bankruptcy
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The Hartford agrees to pay $650M in Boy Scouts bankruptcy
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Boy Scouts of America plan to exit bankruptcy would pay abuse survivors an average of $6,000 each Cara Kelly, USA TODAY
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Boy Scouts of America is proposing to pay roughly $220 million toward a trust to compensate tens of thousands of former members who say they were abused as scouts, according to a statement from the committee that represents survivors in the case.
Another $300 million may come from a voluntary contribution from local councils, the Boy Scouts said in court documents filed Monday, but the local organizations have given no formal commitment.
The number is a fraction of the $1 billion of the organization s estimated value, and a sliver of the value of its subsidiaries, including local councils as well as various trusts and endowments, which USA TODAY estimates could exceed $3.7 billion.
Published March 02. 2021 6:15PM
Samantha Schmidt, The Washington Post
The Boy Scouts of America released a bankruptcy reorganization plan late Monday calling for local councils to contribute at least $300 million to a trust to settle tens of thousands of sex-abuse claims.
The long-awaited reorganization plan, filed as part of the Boy Scouts Chapter 11 bankruptcy proceedings, begins to outline how the organization aims to compensate the deluge of about 85,000 potential victims who came forward last year with claims. But lawyers on behalf of both the victims and the group s insurers say they are unsatisfied with the plan.
The Boy Scouts of America, which filed for bankruptcy in February 2020, had initially sought to shield its local councils from the bankruptcy process. But more recently, it became clear that any settlement was going to involve local council participation, and Monday s filing anticipates a $300 million contribution from some of the Boy Scouts 253 councils acros