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Insurer Hartford Financial Services Group said Friday it had agreed to a settlement with the Boy Scouts of America and would pay $ 650 million for sexual abuse claims related to policies mostly issued in the 1970s.
Under the agreement, the Boy Scouts and its local councils will release Hartford from any obligation under the policy it has issued, Hartford said.
BOY SCOUTS BANKRUPTCY PANEL SELECTED TO REPRESENT SLAUGHTER
The Boy Scouts filed for bankruptcy on Chapter 11 last February amid a flood of lawsuits over allegations of child sexual abuse that have been going on for decades.
| Ticker | Safety | Last | Alter | Alter% |
|---|---|---|---|---|
| HIG | THE HARTFORD FINANCIAL SERVICES GROUP INC. | 66.35 | -0.50 | -0.75% |
| CB | CHUBB LIMITED | 162.61 | +0.44 | + 0.27% |
“Our agreement with Hartford is an encouraging step towards reaching a global resolution that will promote the Boy Scouts’ efforts to fairly compensate survivors and advance the mission of reconnaissance,” the Boy Scouts said in a statement. said an email statement.
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The payment will be in addition to contributions from national Boy Scouts local councils, participating chartered organizations and other participating insurers, he added.
Apart from Hartford, insurer Chubb Ltd is also facing potentially large liabilities due to the Boy Scouts of America bankruptcy.