Hartford Says It Has $787 Million Deal in Boy Scouts Abuse Case
(Bloomberg) -- Hartford Financial Services Group Inc. agreed to pay $787 million to settle claims related to the sexual-abuse scandal that has forced the Boy Scouts of America into bankruptcy.
The agreement, linked to the Boy Scouts’ Chapter 11 case, supersedes an earlier deal and would fully release the insurer from further obligations, Hartford said Tuesday in a statement. The new agreement includes a majority of representatives for sexual-abuse victims involved in the case as well Boy Scouts local councils.
A judge had earlier approved an $850 million settlement agreement hashed out by the Boy Scouts. Under the terms of that agreement, victim representatives could have pursued insurers including Hartford for further payments.
Hartford said it expects to take a pretax charge of $137 million on the payout in the current quarter.
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