Dec 5, 2018

USA Gymnastics files for bankruptcy

Photo: Jeff Kowalsky/AFP/Getty Images

USA gymnastics filed for bankruptcy in Indianapolis federal court Wednesday as the organization continues to grapple with a mountain of legal fees from sexual abuse lawsuits in response to the team's handling of the Larry Nassar scandal.

Between the lines: USA Gymnastics said in a statement that it is declaring bankruptcy to quickly settle sexual abuse survivors' complaints against Nassar. The filing will automatically halt depositions and discovery in lawsuits filed by Nassar's victims, and comes roughly a month after the U.S. Olympic Committee said it's seeking to revoke USA Gymnastics’s recognition as the sport's governing body.

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Coronavirus spreads to more countries, and U.S. ups its case count

Data: The Center for Systems Science and Engineering at Johns Hopkins, the CDC, and China's Health Ministry. Note: China numbers are for the mainland only and U.S. numbers include repatriated citizens.

The novel coronavirus continues to spread to more nations, and the U.S. reports a doubling of its confirmed cases to 34 — while noting those are mostly due to repatriated citizens, emphasizing there's no "community spread" yet in the U.S. Meanwhile, Italy reported its first virus-related death on Friday.

The big picture: COVID-19 has now killed at least 2,359 people and infected more than 77,000 others, mostly in mainland China. New countries to announce infections recently include Israel, Lebanon and Iran.

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Wells Fargo agrees to pay $3 billion to settle consumer abuse charges

Clients use an ATM at a Wells Fargo Bank in Los Angeles, Calif. Photo: Ronen Tivony/SOPA Images/LightRocket via Getty Images

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The big picture: The fine "is among the largest corporate penalties reached during the Trump administration," the Washington Post reports.