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The Hartford Financial Services Group Inc. will pay $650 million to settle claims for historic sex abuse allegations against the Boy Scouts of America, the insurer announced late Friday.
The Boy Scouts, which filed for Chapter 11 bankruptcy protection last year as part of an effort to structure compensation payments to victims of sexual abuse harmed while scouting, sued Hartford in 2018 for insurance coverage for about 200 alleged abuse claims. Hartford insured the Boy Scouts from 1970 to 1988, according to the suit.
Under the terms of the settlement, the Boy Scouts and its local councils will release Hartford from any obligations under the policies, Hartford said in a statement.
“The agreement is in connection with BSA’s Chapter 11 bankruptcy and will become effective upon the occurrence of certain conditions, including confirmation of the BSA’s global resolution plan, executed releases from the local councils, and approval from the abuse claimants and bankruptcy court,” the statement said.
Court approval for the settlement is expected in the third quarter, the statement said.
The Boy Scouts of America sought Chapter 11 bankruptcy protection Tuesday as part of an effort to structure compensation payments to victims of sexual abuse harmed while scouting.