Insurer Hartford Financial Services Group said Friday it had agreed to a settlement with the Boy Scouts of America and will pay $650 million for sexual assault claims related to policies issued mostly in the 1970s.
Under the agreement, the Boy Scouts and their local councils will release Hartford from any liability under the policies they issue, Hartford said.
BOY SCOUTS BANKRUPTCY BOARD CHOSEN TO REPRESENT VICTIMS
The Scouts filed for Chapter 11 bankruptcy last Februaryamid a spate of child sexual abuse lawsuits dating back decades.
Ticker | security | Last | change | Change % |
---|---|---|---|---|
HIGH | HARTFORD FINANCIAL SERVICES GROUP INC. | 113.76 | +1.50 |
+1.33% |
CB | CHUBB EOOD. | 287.99 | -5.97 |
-2.03% |
“Our settlement with Hartford is an encouraging step toward reaching a global settlement that will advance Boy Scouts’ efforts to fairly compensate survivors and continue the mission of Scouting,” the Boy Scouts said in an emailed statement.
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The payment will be in addition to contributions from national local Boy Scout councils, participating charter organizations and other participating insurers, it added.
In addition to Hartford, insurer Chubb Ltd also faces potentially huge liabilities stemming from the bankruptcy of the Boy Scouts of America.