The Boy Scouts of America has filed for bankruptcy protection as it faces a barrage of sex-abuse lawsuits. The organization could be forced to sell off some of its vast property holdings to raise money for a compensation fund that could surpass $1 billion.
In this Wednesday, Feb. 12, 2020, photo, a statue stands outside the Boys Scouts of America headquarters in Irving, Texas. The Boy Scouts of America has filed for bankruptcy protection as it faces a barrage of new sex-abuse lawsuits. The filing Tuesday, Feb. 18, in Wilmington, Delaware, is an attempt to work out a potentially mammoth compensation plan for abuse victims that will allow the 110-year-old organization to carry on.
The bankruptcy petition listed the Boy Scouts’ assets as between $1 billion and $10 billion, and its liabilities at $500 million to $1 billion. The Boy Scouts’ finances have been strained in recent years by declining membership and sex-abuse settlements. In many ways, the crisis parallels the one facing the Catholic Church in the U.S. Both institutions boast of major progress over recent decades in combating abuse. whether by priests or scout leaders, but both face many lawsuits alleging negligence and cover-ups, mostly decades ago.
“There are a lot of very angry, resentful men out there who will not allow the Boy Scouts to get away without saying what all their assets are,” said lawyer Paul Mones, who represents numerous clients suing the BSA. “They want no stone unturned.”
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