BUFFALO (NY)
Buffalo News
June 15, 2020
By Jay Tokasz
The Buffalo Diocese’s lists of assets and liabilities filed with the U.S. Bankruptcy Court identifies multiple investment funds and bank accounts holding in excess of $28 million, dozens of properties and a fleet of vehicles.
What the schedule doesn’t mention is insurance coverage, which has played a huge role in the resolutions of other Chapter 11 reorganizations by dioceses and archdioceses facing child sex abuse lawsuits.
Eight insurance companies, for example, agreed in 2018 to pay $137 million toward a $210 million fund to settle abuse claims in the Archdiocese of St. Paul & Minneapolis.
Of the nearly $800 million in bankruptcy settlements reached by 15 Catholic dioceses, archdioceses and religious orders since 2004, more than half of the funds have come from insurers, according to research by Pennsylvania State University law professor Marie T. Reilly.
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