Diocese in N.J. reaches $87.5M settlement with abuse survivors
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The Diocese of Camden, New Jersey, said Tuesday it has reached an $87.5 million settlement with about 300 survivors of sexual abuse.
The diocese said in a statement the settlement is subject to approval by the U.S. Bankruptcy Court in Camden. The diocese filed for bankruptcy in October 2020.
The diocese and the survivor’s committee, formally the Official Committee of Tort Claimant Creditors, will seek the court’s approval by early June, the statement said.
The statement said claims against certain insurers that provided insurance to the diocese will be assigned to the trust for the sole benefit of the survivors.
The diocese’s 2020 bankruptcy filing lists among its insurers the National Catholic Risk Retention Group in Lisle, Illinois, as providing primary liability coverage including general liability, auto liability, errors and omissions, sexual misconduct and cyber. An official had no comment.
The schedule of payment is $50 million upon court approval, and an additional $10 million on the first, second and third anniversaries of the effective date and a final payment of $7.5 million on the fourth anniversary.
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