Thu August 14, 2014
Diocese of Wilmington Pays High Price for Bankruptcy
The Catholic Diocese of Wilmington paid out $15.8 million to lawyers, financial advisors and others who worked on its 2011 bankruptcy.
That’s according to a final report filed in U.S. Bankruptcy Court this week.
Anthony Flynn, an attorney for the diocese told the Wilmington News Journal, it was the third highest of around 10 diocesan bankruptcies nationwide.
The diocese paid $77.4 million into a trust fund to resolve the claims of victims in the priest sex abuse scandal that has rocked the church.
There’s also another $10 million that has been put into a pension fund for lay employees that had been underfunded.