USA Gymnastics’ $380 Million Bankruptcy Plan Gets Approval (1)

USA Gymnastics’ Chapter 11 plan to settle hundreds of sexual abuse claims by paying victims $380 million, largely from insurance proceeds, received bankruptcy court approval.

The plan, supported by all 476 abuse survivors who turned in a vote, allows the sport-governing organization to wrap up a bankruptcy filed following revelations that team doctor Larry Nassar sexually abused hundreds of female gymnasts over several years. Some of the organization’s biggest stars, like Simone Biles and Aly Raisman, joined with other gymnasts seeking compensation for the abuse they faced.

All USAG insurers, including National Casualty Co. and Virginia Surety Co., agreed ...