COVINGTON (KY)
Kentucky Post
By Kevin Eigelbach
Post staff reporter
The $40 million the Diocese of Covington will put up as its share of a $120 million settlement with victims of priestly sexual abuse is the maximum it could afford without getting into dire financial straits, its lawyer said Wednesday.
"We were willing to put up virtually everything the diocese has that's not committed to a parish," said Chicago-based attorney Carrie Huff.
Huff and Stan Chesley - who filed the lawsuit on behalf of an unknown number of victims - said they came up with that figure after meeting with accountants for the diocese and examining financial and property records.
The settlement calls for the diocese to pay up to $40 million via cash on hand, securities and the sale of some of its property, including the Marydale retreat center in Erlanger. The remainder of the money will come from insurance payments - which may eventually cover the diocese's share as well.
Posted by kshaw at June 23, 2005 01:22 PM