BOSTON - The Archdiocese of Boston is likely to declare bankruptcy as a way to grapple with the hundreds of pending lawsuits filed against the church in the clergy sex abuse crisis, a senior financial adviser to the archdiocese said Sunday.
The archdiocese has been studying the possibility of filing for bankruptcy for months, and The Boston Globe reported Sunday that financial advisers to Cardinal Bernard F. Law unanimously supported the idea because it would be less expensive than continuing to battle the lawsuits in court. A senior financial adviser, speaking on condition of anonymity, confirmed the report today.
"There are a lot of very, very practical reasons why it makes sense," the adviser said. He said that while Law had not yet endorsed the proposal and was unlikely to decide before the end of the year, "he's leaning toward it."
"With some people there's a stigma attached to bankruptcy," the financial adviser said. But he said that after considering all the options, bankruptcy seemed to be the best choice.