Del. Diocese Strikes $77.4M Deal To Escape Ch. 11

Law360, New York (February 3, 2011, 5:49 PM EST) -- The Catholic Diocese of Wilmington Inc. has cleared a path out of Chapter 11 by agreeing to a $77.4 million settlement with the alleged victims of sexual abuse whose lawsuits drove the religious body into bankruptcy.

The diocese and its creditors reached an agreement in principle on Wednesday to set up a trust to distribute the funds to abuse survivors, said Robert S. Brady of Young Conaway Stargatt & Taylor, an attorney for the diocese, at a hearing in the U.S. Bankruptcy Court for the District...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.