By: Diocese of Oakland
This week, the Diocese of Oakland submitted a term sheet setting forth the diocese’s agreement-in-principle with several of its insurance carriers in regards to our bankruptcy case. In that term sheet, the Diocese informed survivors of sexual abuse – and the public – it is willing to pay, together with the Roman Catholic Welfare Corporation of Oakland, $200 million over a five-year period to a trust we plan to set up for survivors. This represents the highest per-capita payment, over $560,000, to survivors in any diocese bankruptcy with more than 200 survivors. In addition to the Diocese offer, three of our insurers also committed to contribute more than $42.5 million to the trust.
This is a welcome development.
It is not the end of the road, however, and we still have much work to do including continuing to negotiate with the Creditors Committee representing the survivors in our bankruptcy case, as well as with our insurers. We will provide further details as soon as possible. Please continue to pray for the survivors and others affected by sexual abuse and for all the mediators and professionals who are working hard to achieve a consensual resolution.
As we continue to celebrate the Feast of Our Lady of Guadelupe this weekend, we also ask for the continued intercession of our Blessed Mother Mary, Mother of God, Queen of the World, and Patroness of our Diocese, as well as the intercession of all the Angels and Saints — ora pro nobis !