Boy Scouts of America files for bankruptcy - Axios
The Boy Scouts of America filed for bankruptcy protection early on Tuesday.
Why it matters: The chapter 11 filing comes as the 110-year-old youth organization faces mounting legal costs from multiple sexual abuse lawsuits.
- The BSA said in a statement it made the filing to "equitably compensate victims who were harmed during their time in Scouting and continue carrying out its mission for years to come."
Details: Only the national organization has filed for Chapter 11, the BSA said. Legally separate and financially independent local councils have not filed for bankruptcy.
- The Boy Scouts said it intends to use the Chapter 11 process to "create a Victims Compensation Trust that would provide equitable compensation to victims," the statement said.
"The BSA cares deeply about all victims of abuse and sincerely apologizes to anyone who was harmed during their time in Scouting. We are outraged that there have been times when individuals took advantage of our programs to harm innocent children. While we know nothing can undo the tragic abuse that victims suffered, we believe the Chapter 11 process - with the proposed Trust structure - will provide equitable compensation to all victims while maintaining the BSA's important mission."- BSA president and CEO Roger Mosby Editor's note: This is a developing news story. Please check back for updates. Go deeper: Allegations emerge that over 12,000 Boy Scouts were sexually abused
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