The Boy Scouts of America files for bankruptcy amidst sexual harassment allegations

The organization plans to create a victims compensation fund for payouts that could reach more than $1 billion.
2:18 | 02/19/20

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Transcript for The Boy Scouts of America files for bankruptcy amidst sexual harassment allegations
Well tonight boy scouts of America has filed for bankruptcy. Why are they filing and what does this mean for local chapters all across the country our policy there is here to break it all down so I guess first of all why are they filing. Bankruptcy well these sexy beast lawsuits for just piling up but make no bones about it. The boy scouts of America is skirting their responsibility they released a statement care. And they say that they have a moral responsibility to compensate these deck towns according to court documents as recently as January of this year over twelve. Thousand victims have come forward claiming some form of molestation or abuse. Hands of a leader within the organization. Or there scout leader and over 8000 abusers have been implicated but the Boy Scouts have said. All along if you. Where abuse we want you to come forward with a beautiful island claim. I remember when this story first broke so -- the and it's been years now me is that what's adding to the complexity of this bankruptcy get this is believed to be one of the most complex bankruptcies may be in history it's complex it's layered. There's so many just think about it they're so many lawyers so many lawsuits so many victims. That are named in Nantes. And also in bankruptcy court their assets were valued between 1000000000. And ten billion dollars that is a huge disparity. Just a huge range some victims are upset of the local chapters of the assets for the local chapters for not. Involved in this as well and that that would have added to the number. In terms of the monetary value but there's a chance that they have to sell their property value talking about campgrounds and hiking trip the cost America just paid. The victims I can't tell you how excited is now excited my son is about boy scout something he bout just the local chapter in our neighborhood. But what will happen to the to the local chapter to local chapters the programs will go on line and that was source of contention for some of the victims because the local chapters are. For all intents and purposes. They are independent and they are separate entities separate from the boy scouts of America organization. And the Boy Scouts now claimed that they have one of the most stringent. Safest and strictest policies among all youth organizations. But it's accurate that it had to take all these tragedies to lead to act because it's been such an institution for several cats policy there's thanks thank you Kara.

This transcript has been automatically generated and may not be 100% accurate.

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