Boy Scouts of America files for bankruptcy

The Boy Scouts of America has filed for bankruptcy protection. Facing mounting legal costs from defending itself against lawsuits alleging sexual abuse of boys, the venerable non-profit sought Chapter 11 protection in a court filing early Tuesday. A spokesman for the Boy Scouts of America said in a statement that the filing had "two key objectives: equitably compensate victims who were harmed during their time in Scouting and continue carrying out its mission for years to come. The BSA intends to use the Chapter 11 process to create a Victims Compensation Trust that would provide equitable compensation to victims." The Boy Scouts said that only the national organization filed for Chapter 11...