Penn State: University To Pay $59.7 Million To Settle Jerry Sandusky Sex Abuse Claims (Video)

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Penn State officials announced that it will pay $59.7 million to settle claims by 26 young men who said they were sexually abused by the school's former assistant football coach Jerry Sandusky, NBC News reported on Monday. The 69-year-old is serving 30 to 60 years in prison after being convicted of 45 counts of child sexual abuse last year.

"We hope this is another step forward in the healing process for those hurt by Mr. Sandusky, and another step forward for Penn State. We cannot undo what has been done, but we can and we must do everything possible to learn from this and ensure it never happens again at Penn State," said University President Rodney Erickson in a statement.

In his trial, eight victims described how Sandusky "lavished them with gifts, trips and attention before molesting them," news reports said.

While Sandusky is in prison, the legal fallout of the scandal remains. The former university president Graham Spanier, former vice president Gary Schultz and Tom Curley, the former athletic director, are awaiting trial on charges that they took part in covering up Sandusky's behavior, news reports said. They have denied all allegations; Spanier has sued former FBI Director Louis Freeh, who served as the the school's investigator, for defamation, news reports said.

The family of Joe Paterno, the late head coach who died five months after being accused of turning a blind eye to Sandusky's abuse, is also suing the NCAA over penalties, which were imposed on the school.

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