Boy Scouts reach $850 million settlement with sexual abuse victims

Catch up quick: The Boy Scouts filed for bankruptcy in February 2020 after facing mounting legal costs amid multiple sexual abuse lawsuits. Last November, ahead of the deadline for the organization's bankruptcy case, 90,000 sexual abuse claims were submitted against the organization.

The big picture: As part of the settlement the Boy Scouts will dispense "$850 million in cash and other assets to survivors," and place insurance rights into a trust that will "administer claims and distribute payments," per the Wall Street Journal.

• The Boy Scouts said in a statement Thursday that the settlement will help them emerge from bankruptcy, according to NBC News.

What they're saying: “I am pleased that both the BSA and their local councils have stepped up to be the first to compensate the survivors,” said Ken Rothweiler, an attorney with the law firm representing one of the groups of claimants, per NBC News.

• “We will now negotiate with the insurers and sponsoring and chartering organizations who have billions of dollars in legal exposure, of which a substantial portion is necessary to fairly compensate the survivors," he added.