Penn State officials announced Monday that over the past few months the university has reached agreement with 26 of the victims of former assistant football coach Gerald Sandusky. The aggregate dollar amount paid by the university for the 26 settled claims is $59.7 million, according to the announcement.The terms of the settlements, which include a release of all claims against Penn State and other parties, are subject to confidentiality agreements. Of the 26 settlements, 23 are fully signed and three are agreed in principle, with final documentation expected within the next few weeks, the university said. "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 Masser, chair of the Board of Trustees, 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." "We hope this is another step forward in the healing process for those hurt by Mr. Sandusky, and another step forward for Penn State," said University President Rodney Erickson. "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." The settlement amounts will not be funded by student tuition, taxpayer funds or donations, according to officials. The university said it maintains various liability insurance policies, which the university believes cover the settlements and defense of claims brought against Penn State and its officers, employees and trustees.