Of the 26 settlements, 23 are fully signed and 3 are agreed to in principle, with final documentation expected within the next few weeks.
"The board of trustees has had as one of its primary objectives to reach settlements in a way that is fair and respects the privacy of the individuals involved," Keith E. Masser, the board's chairman, said in a statement. "This is another important milestone in accomplishing that goal. I would like to thank the board's legal and compliance committee, as well as its legal subcommittee, for its leadership throughout this process."
Rodney A. Erickson, the president of the university, called the settlement "another step forward in the healing process for those hurt by Mr. Sandusky, and another step forward for Penn State."
"We cannot undo what has been done," he added, "but we can and must do everything possible to learn from this and ensure it never happens again at Penn State."
University officials emphasized that the settlement money did not come from student tuition, taxpayers or donations, but from various liability insurance policies, which the university believes will cover the settlements and defense of claims brought against Penn State and its officers, employees and trustees. Whatever is not covered is expected to be financed from interest revenues related to loans made by the university to its self-supporting units.
In all, the university has been in talks with 32 individuals who were victims of Sandusky or claimed to be. In a statement, the university said some of the six remaining claims were without merit while others were in possible settlement discussions.
Sandusky, 69, is serving a 30- to 60-year state prison sentence. He was convicted in June 2012 of abusing 10 boys, some of them at Penn State facilities. All of the children were from disadvantaged homes who Sandusky, using his access to the university football program, had befriended and then repeatedly violated. He was found guilty of 45 of the 48 counts against him.
The scandal led to the dismissal in 2011 of Penn State's head football coach, Joe Paterno, who died in January 2012, and the football program received heavy penalties from the N.C.A.A. Three former Penn State administrators have been charged in a cover-up of the scandal. The university has spent tens of millions of dollars on lawyers' fees, public-relations campaigns and programs related to child and sexual abuse.
