Penn State Pays Nearly $60 Million to 26 Sandusky Victims

Penn State has reached settlement agreements with 26 victims of former assistant football coach Jerry Sandusky to the tune of $59.7 million, university officials saidMonday. Twenty-three of the agreements are finalized and the remaining three are expected to be fully signed in the next few weeks.

But the school might not be done paying.

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Thirty-two alleged victims came forward and accused Sandusky of sexual abuse. Of the six outstanding claims, some were determined to be "without merit" and others are involved in ongoing settlement discussions, according to the school's news release.

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

The settlements will be paid out of the school's liability insurance policy and interest revenues from loans. Tuition fees, taxes and donations to the school will not be used in the payouts, according to the university.

In October 2012, Sandusky was convicted on 45 counts of sexual abuse and was sentenced to 40 to 60 years in prison. He has maintained his innocence.