Chapter 11 - USA Gymnastics - Plan 2

[RememberSchiff 3661]

"It is not clear how much each survivor would get if the settlement is confirmed at a Dec. 13-14 hearing in Indianapolis. There currently isn’t enough money to fund the entire settlement, with at least one insurance carrier still disputing the amount it should pay.

But the proposal that survivors overwhelmingly voted to approve allows for a partial settlement, and negotiations with the holdouts will continue ahead of the confirmation hearing.

...

In exchange for accepting the settlement, the survivors will agree to end legal claims against USA Gymnastics, the U.S. Olympic & Paralympic Committee and Bela and Martha Karolyi. Lawsuits by the survivors, including Olympic champions Simone Biles and Aly Raisman, have been on hold since USA Gymnastics filed for bankruptcy in December 2018, but they would be allowed to proceed again should USA Gymnastics exit bankruptcy without a deal."

https://www.usatoday.com/story/sports/olympics/2021/12/03/settlement-end-litigation-between-usa-gymnastics-nassar-survivors/8854581002/

 

[Eagle1993 2160]

Looks like there is a deal being finalized now.

Insurance came through late and the US Olympic committee added $34M.

https://www.wsj.com/articles/nassar-victims-reach-380-million-settlement-with-usa-gymnastics-and-u-s-olympic-and-paralympic-committee-11639406377

Note that these increases came in after 95% approved the deal ... so even with that large approval, these updates were seen as necessary for confirmation of the plan.

Also note that the Dept. Of Justice was objecting to the release of the USOPC ... which helped force the updated deal.

Unfortunately for the BSA ... I don't see them hitting 95%.  They also have objections from the DOJ in releasing COs and LCs.  Seeing how hard it was to get the gymnastics' deal done (which was far simpler) I am not yet optimistic for the BSA.  The only good news is that deals can close.

(I guess technically this isn't closed, but the story is there is agreement).

[RememberSchiff 3661]

04/17/2024: U.S. to Pay Victims of Larry Nassar $100 Million Over FBI Failures

"The agreement with around 100 women brings the final price-tag for settlements over the former gymnastics team doctor close to $1 billion."

Sources:

https://www.wsj.com/sports/olympics/larry-nassar-fbi-failures-18067a65

https://www.nbcnews.com/news/us-news/justice-department-settlement-talks-pay-100-million-larry-nassar-victi-rcna148235