Penn State University today reported another threshold crossed as it wrestles with fallout over the Jerry Sandusky child sex abuse scandal: The school's legal bills, consulting fees and fines now top $50 million.
The $50,459,828 spent as of July 31 is the most current figure available from the university. It is about $1 million more than when Penn Sate last updated those costs on its website a month ago.
The latest tally includes the first $12 million installment paid on a $60 million NCAA fine, but it does not include all costs associated with the scandal. Total financial impact acknowledged by Penn State to date is $111.5 million in fines, lost bowl revenue and fees, not counting settlements with child victims of Sandusky, a former assistant football coach at Penn State now serving a 30- to 60-year prison term.
According to Penn State, the costs paid in addition to the first NCAA fine installment include:
* Freeh Sporkin & Sullivan/Pepper Hamilton LLP: $8,171,177
* DLA Piper, LLP (Independent Monitor): $1,944,968
* Board of Trustees - Legal Services, Consulting Services and Communications: $7,127,085.
* University Legal Services/Defense: $11,474,838
* Externally Initiated Investigations: $842,042
* Indemnified Persons' Legal Defense: $6,780,790
* Other Institutional Expenses: $2,118,928.
Penn State has said it expects at least some of the costs will be reimbursed through insurance.
Bill Schackner: email@example.com, 412-263-1977 and on Twitter: @BschacknerPG First Published October 14, 2013 3:58 PM