Penn State has reportedly settled with 26 victims of Jerry Sandusky's, reaching an agreement to pay out $59.7 million between them.
According to an official release from the school, 23 of those 26 have already signed the agreement, with the last three having agreed in principle. These settlements are reportedly not funded by donations, tuition or taxpayer dollars, but rather, from insurance and interest revenues:
The University maintains various liability insurance policies, which the University believes cover the settlements and defense of claims brought against Penn State and its officers, employees and trustees. Expenses not covered by insurance are expected to be funded from interest revenues related to loans made by the University to its self-supporting units.
This may not be the end of it just yet, though -- Penn State says that it is still talking to others:
Penn State has received claims from 32 individuals who were or allege that they were victims of Sandusky. The University has rejected certain of the six remaining claims as being without merit and has engaged others in possible settlement discussions.
Sandusky, a longtime defensive coordinator and linebackers coach at Penn State, was found guilty on 45 of 48 charges regarding child abuse at a trial last year, a long list that includes seven counts of indecent assault, 10 counts of endangering the welfare of children and eight counts of involuntary deviate sexual intercourse.
He is currently serving a 30- to 60-year sentence in Pennsylvania.