Penn State president: School is "adequately covered" to settle any lawsuits "as quickly as possible"

[Amerigo Vespucci]

Penn State president says school covered for lawsuits

http://www.reuters.com/article/2012/07/29/us-usa-pennstate-idUSBRE86S01E20120729

(Reuters) - Pennsylvania State University has enough insurance coverage to deal with lawsuits that might result from its child sexual abuse scandal, President Rodney Erickson said.

The school wants to settle any lawsuits "as quickly as possible," Erickson reaffirmed in an interview on CBS' "Face the Nation" program that airs on Sunday.

A summary of his remarks was posted on Saturday on the program's website.

He was quoted as saying the school was "adequately covered" against lawsuits that might arise. Jerry Sandusky, a retired assistant football coach, was convicted last month of sexually abusing 10 boys over 15 years, including at Penn State facilities, in one of the worst scandals in college sports.

[spanone]

1. the lawsuits will be huge and hardly dent their endowment.

[gopiscrap]

2. which means they lawyered up

and are ready to tear you apart any possible if you have the temerity to request compensation for your injuries caused by their employee while theyt turned a blind eye to it!

[Canuckistanian]

3. This is costing them, though

The NCAA fines at $60m alone will be a major drain on their funds.

Add to that their lawyer fees and out of court settlements and it's a serious blow to them.

[Junkdrawer]

4. Or Not: Penn State's Insurer Says It Won't Pay Sandusky Lawsuit Claims

The insurance company that provides Penn State University with its general liability coverage says they won't be paying out any claims that might arise from Jerry Sandusky's criminal child abuse. According to The Associated Press, Pennsylvania Manufacturers' Association Insurance filed a memo with a state court this week saying that it should have been notified about the investigations that were made into Sandusky's conduct as far back as 1998, because that was material information about the risks they were unwittingly taking. Failure to do so makes them no longer liable.

Even if school officials hadn't withheld the news, the company says the "abuse or molestation" claims wouldn't be covered anyway. They say the policy explicitly excludes those and state rules would back them up. Not only was Sandusky a university employee at the time of abuse, many of the incidents actually took place on Penn State property.

...

http://www.theatlanticwire.com/national/2012/07/penn-states-insurer-says-it-wont-pay-sandusky-lawsuit-claims/55124/

[Amerigo Vespucci]

5. Interesting...

...both stories are time-stamped with today's date. I wonder if Erickson is just shooting from the hip to scare off anyone considering a lawsuit...