Penn State says it has reached settlements with 26 victims offormer assistant football coach Jerry Sandusky valued at nearly $60million.

“The university maintains various liability insurance policies,which the university believes cover the settlements and defense ofclaims brought against Penn State and its officers, employees andtrustees,” according to a statement from the university. It saysthe terms of the settlements are subject to confidentialityagreements.

University President Rodney Erickson has said Penn State has“multiple stacks” of civil liability insurance as well asdirectors’ and officers’ liability insurance “to cover the defenseof the university’s executives, employees, trustees and soforth.”

Penn State has sued Pennsylvania Manufacturers’ Association Insurance Co.—theschool's liability insurer of more than 50 years—for denyingcoverage for litigation costs related to litigation from victims ofSandusky. PMA filed a lawsuit in January 2012 seeking a declaratoryjudgment that it has no duty to defend or indemnify PennState.

University spokesman David La Torre tells PC360,“Litigation continues.”

Sandusky was found guilty in June 2012 on 45 of 48 countsrelated to the sexual abuse of boys. He was sentenced to 30-60years in prison.

The school says it has received claims from 32 alleged victimsof Sandusky and has rejected six as being without merit. It hasalso “engaged others in possible settlement discussions,” theuniversity says, and continues to use law firm Feinberg Rozen as anindependent third-party facilitator of settlementnegotiations.

Penn State and United Educators—reportedly the writer of theuniversity’s educators legal liability coverage—are not waged inlitigation.

The university also operates a captive insurer, NittanyInsurance.

Twenty-three of the 26 settlements valued at $59.7 million havebeen signed and three are “agreed in principle,” Penn Statesays.

“We hope this is another step forward in the healing process forthose hurt by Mr. Sandusky, and another step forward for PennState,” says Erickson, in a statement. “We cannot undo what hasbeen done, but we can and must do everything possible to learn fromthis and ensure it never happens again at Penn State.”