Attorneys for several insurance companies are appealing a federal judge’s decision to uphold the confirmation of a $2.4 billion bankruptcy reorganization plan for the Boy Scouts of America.
Attorneys for several insurance companies are appealing a federal judge's decision to uphold the confirmation of a $2.4 billion bankruptcy reorganization plan for the Boy Scouts of America.
In his ruling, Andrews rejected arguments that the bankruptcy plan wasn’t proposed in good faith and improperly strips insurers and abuse survivors of their rights. "Even if this Court is satisfied that it has correctly determined the issues, a reasonable possibility exists that the Third Circuit — which has repeatedly cautioned against the dangers posed by mass tort bankruptcies — may disagree on one or more issues the certain insurers or other appellants will raise on appeal," attorneys wrote.
Under the plan, the BSA itself would contribute less than 10% of the proposed settlement fund. The local Boy Scout councils, which run daily operations for troops, offered to contribute at least $515 million in cash and property, conditioned on certain protections for local troop sponsoring organizations, including religious entities, civic associations and community groups.
Meanwhile, other insurers — many of which provided excess coverage above the liability limits of underlying primary policies — have refused to settle. They argue the procedures for distributing funds from the victims' trust would violate their contractual rights to contest claims, set a dangerous precedent for mass tort litigation and result in grossly inflated payments.
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Boy Scouts bankruptcy plan headed to federal appeals courtAttorneys for several insurance companies are appealing a federal judge’s decision to uphold the confirmation of a $2.4 billion bankruptcy reorganization plan for the Boy Scouts of America.
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Boy Scouts bankruptcy plan headed to federal appeals courtAttorneys for several insurance companies are appealing a federal judge’s decision to uphold the confirmation of a $2.4 billion bankruptcy reorganization plan for the Boy Scouts of America.
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Boy Scouts bankruptcy plan headed to federal appeals courtAttorneys for several insurance companies are appealing a federal judge’s decision to uphold the confirmation of a $2.4 billion bankruptcy reorganization plan for the Boy Scouts of America.
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