© Reuters. The Scout Association of America headquarters in Irving
(Reuters) – Hartford Financial Services Group (NYSE 🙂 said on Friday that it has agreed to a settlement with the American Boys of the Scout Association and will pay $ 650 million for sexual abuse allegations related to most enacted policies in the 1970s.
Under the agreement, the Boy Scout Association and its local councils will release Hartford from any obligations under the policies it enacted, Hartford said.
Boy Scouts filed for Chapter 11 bankruptcy last February, amid lawsuits over decades of child molestation allegations.
“Our agreement with Hartford is an encouraging step towards achieving a global solution that will spur Scout efforts to fairly compensate survivors and continue the Scout mission. , “The Scout said in an email statement.
This payout will be supplemented by donations from local boards of National Scouts, participating charter organizations and other participating insurance companies, it added.
In addition to Hartford, the insurance company Chubb (NYSE 🙂 Ltd is also facing huge debts likely stemming from the bankruptcy of Boy Scouts of America.
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