Joel R. Glucksman
Partner
201-896-7095 jglucksman@sh-law.comFirm Insights
Milwaukee Archdiocese Filing for Reorganization
Author: Joel R. Glucksman
Date: February 18, 2014
Key Contacts
Back
The sexual abuse scandal has been very detrimental to the financial interests of the Roman Catholic Church, and it appears the damage is not yet over. The Archdiocese of Milwaukee has announced that it will set aside $4 million under its proposed bankruptcy reorganization plan, in order to end its proceedings under U.S. bankruptcy law, according to the Journal Sentinel.
Archbishop Jerome Listekci told Charlie Sykes of WTMJ 620-AM that the $4 million would be made available to victims with eligible abuse claims, for therapy, and for the pastoral care of its flock.
In addition to the $4 million, the archdiocese could also use its property as collateral for a loan to further compensate victims. However, Listecki said that the archdioceses’ assets are relatively small.
The archdiocese filed for bankruptcy back in 2011, claiming the pending sexual abuse lawsuits had left it with debts that it was unable to pay.
The Archdiocese of Milwaukee is not the only one to file for bankruptcy protection in recent years, and indeed has been one of more than a half-dozen, according to the Star-Tribune.
The Roman Catholic Diocese of Helena, Mont., joined that group in late January, when it filed for bankruptcy protection as part of a proposed $15 million settlement for victims of sexual abuse, according to CBS News.
The financial reparations aren’t the only aspect of the deal, as the diocese also has to publicly apologize, publish the names of clergy member who have been accused of abuse, offer to meet with victims, provide counseling and reinforce policies to prevent similar incidents in the future.
With the Catholic church still feeling the impact of the sexual abuse scandal, these two are likely not the last dioceses that may file for bankruptcy.
- Locations: Red Bank, NJ, New York City, Little Falls, NJ
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
Related Posts
See all
Breach of Contract Explained: Types and Consequences
Breach of contract disputes are the most common type of business litigation. Therefore, nearly all New York and New Jersey businesses will likely have to deal with a contract dispute at least once. Understanding when to file a breach of contract lawsuit and how long you have to sue for breach of contract is essential […]
Author: Brittany P. Tarabour
How to Dissolve a Corporation in New Jersey: A Step-by-Step Guide
Closing your business can be a difficult and challenging task. For corporations, the process includes formal approval of the dissolution, winding up operations, resolving tax liabilities, and filing all required paperwork. Whether you need to understand how to dissolve a corporation in New York or New Jersey, it’s imperative to take all of the proper […]
Author: Christopher D. Warren
Gross Lease vs. Net Lease: Understanding the Key Differences
Commercial leases can take a variety of forms, which is often confusing for both landlords and tenants. Understanding the different types, especially the gross lease structure, is important when selecting the lease that best suits your needs. One key distinction between lease types is how rent is calculated and paid. This article addresses the two […]
Author: Robert L. Baker, Jr.
What to Do If You Are Impacted by a Retailer Bankruptcy Part 2
Over the past year, brick-and-mortar stores have closed their doors at a record pace. Fluctuating consumer preferences, the rise of online shopping platforms, and ongoing economic uncertainty continue to put pressure on the retail industry. When a retailer seeks bankruptcy protection, a myriad of other businesses are often impacted. Whether you are a supplier, customer, […]
Author: Brian D. Spector
The Current Administration's Proposals for the Financial Services and Banking Industries Will Affect Your Business
Since his inauguration two months ago, Donald Trump’s administration and the Congress it controls have indicated important upcoming policy changes. These changes will impact financial services policies and priorities. The changes will particularly affect cryptocurrency, as well as banking rules and regulations. Key Regulatory Changes in Cryptocurrency For example, in the burgeoning cryptocurrency business environment, […]
Author: Dan Brecher
Tips for Commercial Landlords Impacted by Wave of Retailer Bankruptcies Part 1
The retail sector has experienced a wave of bankruptcy filings over the last year. Brick-and-mortar businesses in financial distress include big-name brands like Big Lots, Party City, The Container Store, and Vitamin Shoppe. When large retailers seek bankruptcy protection, they are not the only businesses impacted. Landlords can be particularly hard hit. While commercial landlords […]
Author: Brian D. Spector
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
Sign up to get the latest from our attorneys!
Explore What Matters Most to You.
Consider subscribing to our Firm Insights mailing list by clicking the button below so you can keep up to date with the firm`s latest articles covering various legal topics.
Stay informed and inspired with the latest updates, insights, and events from Scarinci Hollenbeck. Our resource library provides valuable content across a range of categories to keep you connected and ahead of the curve.