Penn State announced Monday it has reached agreement on financial settlements with 26 young men who filed claims alleging abuse by former football coach Jerry Sandusky. Credit: Getty Images
Penn State has agreed to pay a total of $59.7 million to victims of convicted child molester Jerry Sandusky.
The school announced Monday on its website that it has fully executed settlements with 23 Sandusky victims and agreements in principle with three others.
Claims from six other young men who assert Sandusky molested them while he was a football coach at the school have been rejected or could result in additional settlements.
Sandusky was convicted last June of 45 counts relating to sexual abuse of boys while he was defensive coordinator at Penn State. The 69-year-old is serving a 30- to 60-year sentence.
The victim settlements come close to matching the $60 million fine imposed by the NCAA and is in addition to $50 million the school has already already spent on fines, legal bills and other costs linked to the scandal that rocked the university after a grand jury indicted Sandusky in November 2011.
"We hope this is another step forward in the healing process for those hurt by Mr. Sandusky, and another step forward for Penn State," Penn State President Rodney Erickson said in a statement. "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."
The settlements will not be funded by student tuition, taxpayer funds or donations, according to Penn State, which maintains liability insurance policies it believes will cover the settlements.