Facing hundreds of lawsuits spanning decades of alleged sexual abuse, the 110-year-old organization filed for bankruptcy protection today to save itself from financial ruin. More than a dozen states have temporarily lifted the statute of limitations on reporting sex crimes, so even more lawsuits are likely to follow. Boy Scouts National Chairman Jim Turley said he was “deeply sorry” that measures protecting kids from predators “weren’t always enough.”
How will bankruptcy help? The move will allow the organization — which has already paid out $150 million since 2017 — to hash out a settlement fund with both plaintiffs and creditors.