The Boy Scouts of America (BSA) has made substantial progress in its financial restructuring as part of its ongoing efforts to reach a global resolution that will equitably compensate survivors and ensure Scouting’s future by resolving past abuse cases for both the national organization and local councils.
As a result of extensive mediated negotiations, the BSA has reached agreements with The Hartford and The Church of Jesus Christ of Latter-day Saints (TCJC) that provide for The Hartford’s contribution of $787 million and TCJC contribution of $250 million to the proposed Settlement Trust to compensate survivors. This contribution is in addition to the national organization’s and local councils’ commitments to contribute up to $850 million to the Trust. The Coalition of Abused Scouts for Justice, the Future Claimants’ Representative, the Ad Hoc Committee of Local Councils, and state court counsel representing the vast majority of abuse creditors also were closely involved in negotiating and support these agreements. The BSA thanks all parties involved for their cooperation to reach this critical point in the national organization’s financial restructuring.
The amended Plan also solidifies a path forward to ensure that Chartered Partners are represented in the BSA’s financial restructuring process by formalizing the options for them to participate in a settlement and addressing a number of the specific key concerns raised by certain Chartered Partners in ongoing negotiations. The partnership between the BSA and its many Chartered Partners, including religious and civic organizations, has been critical to delivering the Scouting program to millions of youth in our country for generations.
There is still much to be done to obtain approval from the Court for the BSA’s amended Plan, but these settlements represent a critical step toward a global resolution. With the support of the Coalition of Abused Scouts for Justice, this Plan has the overwhelming support of survivors, and the BSA continues to work with other key groups to ensure its Plan has their support.
The BSA is committed to continuing our mediation efforts with all parties and look forward to sharing additional updates as these discussions progress leading up to the disclosure statement hearing scheduled for September 21. The BSA intends to seek confirmation of the Plan and conclude its financial restructuring around the end of this year.