Lowenstein Helps Secure Additional $25.7M Settlement for Survivors of Sexual Abuse in Bankruptcy of Franciscan Friars of California

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.