The Franciscan Friars of California and its Official Committee of Unsecured Creditors, comprised of seven survivors of sexual abuse, have asked a bankruptcy judge to approve a $25.7 million settlement with seven insurance carriers to fund a trust to compensate survivors of sexual abuse. The settlement builds on an earlier $20 million agreement in the Friars’ Chapter 11 bankruptcy case, where Lowenstein Sandler’s Bankruptcy & Restructuring Department serves as counsel to the Official Committee of Unsecured Creditors and Burns Bair serves as the Committee’s special insurance counsel. If approved, the combined settlements will provide over $45 million to compensate roughly 90 survivors of sexual abuse.
The Lowenstein team includes Jeffrey D. Prol, Brent Weisenberg, Emma MariaLuz Cervantes, and Jake A. Rauchberg.
