The Diocese of Camden, New Jersey, said Tuesday that it has reached a $ 87.5 million settlement with about 300 survivors of sexual assault.
The diocese said in a statement that the settlement is subject to approval by the US Bankruptcy Court in Camden. The diocese filed for bankruptcy in October 2020.
The diocese and the survivors’ committee, formally the official committee for claims for damages, will seek the court’s approval in early June, the statement said.
The statement states that claims against certain insurers who have provided insurance to the diocese will be awarded to the foundation only for the benefit of the survivors.
The diocese’s bankruptcy application 2020 lists among its insurers National Catholic Risk Retention Group in Lisle, Illinois, which provides primary liability coverage including general liability, car liability, errors and omissions, sexual injustice and cyber. An official could not be reached for comment.
The payment schedule is $ 50 million upon court approval, and an additional $ 10 million on the first, second and third anniversaries of entry into force and a final payment of $ 7.5 million on the fourth anniversary.