MSU Settles With Victims for 500 Million
I do this all the time for my clients. I don’t bother them with every little thing.
Does this settlement agreement violate the Open Meetings Act?
Compare that with the $109 million that Penn State had to pay to settle with Sandusky's victims. That is a lot of "cheddar"!
Looks like Sparty's football team will have Spam and Kraft Mac n Cheese on the training table this fall...
....probably, and I wonder if izzo is now done supporting the victims and can now focus on basketball full time now???
time for hoops yet - but Izzo can now focus his time on the rationalizations for the Travis Walton escapade.
"I have no recollection of Travis Walton beating the hell out of a girl while he was an employee of MSU and living in my house. Actually, do not remember Travis Walton living in my house or being an employee of MSU. In fact - who the hell is this Travis Walton guy you press keep talking about???"
Oh. He was that guy that got abducted by aliens in the 70's.
They can't afford Kraft. It'll be Meijer store brand mac n cheese.
Spartan Brand, more likely.
Pass along the savings to the students, it's how it works
I see a tax increase for those of us living in Michigan. State school, state obligation. Please tell me I'm wrong.
Sadly, We all get to take a bite of the shit sandwich they made.
$500 mil is huge. And the students will be footing the bill one way or another. Can't alienate the donors (any more than they already have been) since they are far more important than mere students.
Just in time for the record Freshman class they are bringing in...
Add some pineapple and it's Hawaii's national dish. Yeah I know, but it's still true.
Dantonio will most likely respond, "Pride goeth before the fall."
I'm waiting for him to pull a franklin "healing" comment.
during the regular season. Then he shut down and refused any more comment.
So is this something the taxpayers of the state of Michigan will have to pay? I sure hope not.
Unless it's covered by insurance, its gotta come from somewhere. I would guess it will be tuition payers not taxpayers. I'm sure they'll say they aren't taking it out of tuition, but money is fungible and if you blow a $500 million dollar hole in the budged, you need more to cover everything else.
The story says MSU wants to take it from tuition and state aid, but lawmakers (rightfully so, I believe) say no state aid money should be used.
That is a huge chunk of change from tuition and may explain why the university just took its largest freshman class ever.
Also, they can only raise tuition so much because the state puts a cap on it. Exceeding the cap can cost a university its state aid money.
My thoughts exactly
the athletic department with no direct or indirect support from state aid or tuition.
It's in the article: "Interim president John Engler has long said the costs will be covered by tuition and state aid. Lawmakers have said no state aid should be used."
So the taxpayers and future students will foot the bill?
What about the peoole (and there were lots) who covered this up in the first place?
The admin (who by the way are sapping money from EVERY university, and discouraging professors from teaching), the atheletic department, the trainers, coaches, whoever, etc.?
Will anyone go to jail who was part of keeping this under wraps?
Just like wall street, no one goes to jail. You only go to jail if you steal from the rich, liek Bernie Madoff did.
Rugged, pull-yourself-up-from-your-bootstraps, capitalism for the poor, and socialism for the rich.
(interesting enough the origin of the "bootstraps" phrase literally was mocking, something that was impossible to do, and somehow it got turned into the exact opposite)
Man loves his myths.
for my 2017 income taxes by April 17. So wanted to write "Contribution to the Larry Nassar Victim Compensation Fund" in the memo but thought better of it.
They have my mailing address so I guess I'll just wait for the bill to get mailed to my house for my share.
They should take it out of there, although there is probably some restriction on using donations to pay for lawsuit settlements.
Would be nice to see the money come from there and not taxpayers but..
it's going to be a tiny drop in that bucket. No way they are carrying anything near $500M in coverage for sexual abuse/molestation. Outside of umbrella coverage, they've probably blown the majority of their insurance coverage on defense costs.
And what pray tell will trigger this escrow payment? Hitting their earn out projections in years 2 & 3 after the buy out?
Cant wait to read the fine print on that one. Hell that's over 15% of the total settlement.
Wonder if that is for the victims' legal bill?
The $75MM is being held in escrow in case any more victims come forward.
Article says it is set aside for future claimants
sorry, cynical by nature and this will prompt people who weren't abused but met with Nassar one time to claim they were
This is an awful take. Of all the things to be concerned about in this story, *potential* yet unmade false claims against a convicted serial child abuser should not even register.
And yet what he said is true. People are always to "get-over" on the system every day.
Why is it an awful take? It should register. It would be a pretty classic case of using someone else's tribulations to get rich. It's not all that different from stolen valor, IMO. Both are (will probably be) rare but should still be met with the deepest contempt.
Uh oh, here comes the Mgoconcerntroll contingent. Who will outdo themselves in showering us with their wonderful concern for the victims and rightful indignation toward the hateful commenter? Come forth and claim thy prize!!!
It’s over now. Stop asking questions. This will now all go away. Just watch.
....on the contrary, they will throw a parade for engler and install him as the permanent president.
He has done exactly what they wanted: kept this at between 1/2 to 1/4 of what it might have cost them, and protected basketball & football.
Since that's all the care about (money and sports), Engler is very likely to be lauded as a hero.
Fuck MSU
I heard on the radio last week that my neighboring school district settled a lawsuit with 25 victims of a high school wrestling coach for $31M. That's $1.24M per person. I don't know how much the lawyers take off the top.
There are cases of people getting $5M in settlements, but there's also a story about 35 people splitting $5M.
Engler is no fucking hero. I don't mean to imply you stated that. Only that spartan slappies who think he saved the university 100's of millions of dollars are wrong.
http://www.latimes.com/local/lanow/la-me-ln-torrance-unified-settlement…
https://www.thestar.com/news/canada/2009/01/14/montreal_school_to_pay_5…
https://www.insurancejournal.com/news/west/2017/02/02/440651.htm
Generally, lawyers will take 30% from my experience
Definitely no parade for Engler at MSU. Faculty, staff and students want him gone but he did do what he was probably brought in to do - settle things quickly. However, the changes at MSU will continue for a long time and that's a good thing.
The democrat/republican partisan politics of this, do you think it's going to be a campaign issue in the governor's races?
Meaning - do you think it's going to matter whether the candidates are adament about taxpayers not footing this bill, no matter which party they are from?
I think it's going to be huge, and this timing might in fact be bad for MSU as I can't see any candidate doing well that doesn't promise to make MSU pay this whole thing from their own funds.
Not sure about the Governor's race, but you can bet the Trustees up for reelection will have somthing to say. This isn't a good time to be up for reelection if you're an MSU trustee.
I'll be voting against anyone currently on that board, regardless of party.
The state legislature is not going to give MSU extra money to pay for this. I don't really think it matters whether it's an election year. The idea would always be wildly unpopular with voters.
if this is full settlement and all victims have agreed to it - or in other words, what does the phrase "at least" mean.
Assuming this news is accurate - what other parties/items need to be settled from a material $ standpoint? Assuming fines from NCAA and other regulatory agencies are still pending...
If MSU settled for 500 mil, that means their lawyers told their clients (and the clients agreed) that their liability at trial is likely over a billion. That is absolutely wild! Contrast that with the statements made by that dickhead Engler. What a institutional dumpster fire. Half a billion dollars!
This is an astronomical blow to MSU. They will be paying more in debt service, they will have to delay infrastructure maintenance, and the reputational damage will be substantial. I almost wonder how it would have looked at trial - every now and then you get a jury not willing to stick taxpayers with that type of insane number.
Lawyers likely received $15-20m if not more, for what its worth. Probably a lot more.