Penn State University announced today that it has agreed to pay $59.7 million to settle 26 claims of sexual abuse by former assistant football coach Jerry Sandusky.

Sandusky was sentenced to 30 - 60 years in prison in June after he was found guilty of sexually abusing 10 boys over 15 years.

In all, 32 claims were filed, but the remaining six are still either being considered for settlement or have been rejected as having no merit.

"We hope this is another step forward in the healing process for those hurt by
Mr. Sandusky, and another step forward for Penn State," Penn State president
Rodney Erickson said in a statement. "We cannot undo what has been done, but we can and must do everything possible to learn from this and ensure it never happens again at Penn State."

Terms of the settlements are kept confidential, but Penn State says 23 have been signed with the other three agreed to in principle.