Penn State announced today it settled with 26 individuals who claim to have been abused by Jerry Sandsuky for $59.7 million. The specific terms of the individual agreements will not be revealed because of confidentiality agreements, but this is the first time Penn State has given an official number.

“We hope this is another step forward in the healing process for those hurt by Mr. Sandusky, and another step forward for Penn State,” said President Rodney Erickson. “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.”

Twenty-three of the 26 settlements are fully signed and three are agreed in principle, which should be finalized in the new few weeks.

The $59.7 million will be reflected in the university’s audited financial statements for the year that ended July 30, 2013. The settlements will not be paid for with tuition, taxpayer dollars, or donations. The university believes its various insurance liability policies will cover settlement and related costs.

Expenses not covered by insurance should be funded from interest revenues related to loans made by Penn State to its self-supporting units.

The university rejected claims from six individuals, finding those to be without merit. Penn State has, however, engaged with others in possible settlement discussions.

“The Board of Trustees has had as one of its primary objectives to reach settlements in a way that is fair and respects the privacy of the individuals involved,” said Keith Masser, chairman of the Board of Trustees. “This is another important milestone in accomplishing that goal. I would like to thank the board’s Legal and Compliance Committee, as well as its Legal Subcommittee for its leadership throughout this process.”