Penn State University announced Monday that it will pay $59.7 million to 26 known victims of former football assistant coach Jerry Sandusky, who was found guilty on 45 charges of child abuse last year.
According to a press release from the school, 23 of the victims have fully signed the settlement and the remaining three have agreed in principle to the deal. Penn State says the money will come from insurance and interest revenues instead of "donations, tuition or taxpayer dollars." The agreement, the terms of which are confidential, includes a release of all claims against Penn State and other parties.
"We hope this is another step forward in the healing process for those hurt by Mr. Sandusky, and another step forward for Penn State," Penn State President Rodney Erickson said in a written statement. "We cannot undo what has been done, but we can and must do everything possible to learn from this and ensure it never happens again at Penn State."
There could still be more to come: At least six other people have made claims that they were victims of Sandusky at Penn State. The university "has rejected certain of the six remaining claims as being without merit and has engaged others in possible settlement discussions."
Sandusky, a longtime defensive coordinator and linebackers coach at Penn State, is now serving a 30- to 60-year sentence at a state prison in Pennsylvania. He was found guilty on a number of charges, including seven counts of indecent assault, 10 counts of endangering the welfare of children, and eight counts of involuntary deviate sexual intercourse.
Earlier this month, a three-judge Superior Court panel ruled Sandusky should not receive a new trial.