You are not signed in as a Premium user; you are viewing the free version of this program. Premium users have access to full-length programs with limited commercials and receive a 10% discount in the store! Sign in or Sign up today!

NY Bishops’ Hidden Billions

2018 insurance deal faces new scrutiny

February 15, 2021  0
Print Friendly and PDF

Bishops in New York are coming under fire for sheltering their assets. Times-Union in Albany, New York reported Thursday on a deal the state's bishops made in 2018.

The bishops sold off Fidelis Care — a massive health insurance company — and put $4.3 billion of the proceeds into the Mother Cabrini Health Foundation, which provides grants to help vulnerable New Yorkers.

This move came just as New York lawmakers were considering the Child Victims Act. The legislation created a temporary window for victims of child sexual abuse to file suit even if the abuse happened many years ago.

According to the Times-Union, four of New York's eight Catholic dioceses have filed for bankruptcy in recent years, all amid a massive number of sex abuse claims. Declaring bankruptcy leads to a streamlined process for abuse payouts, where the court determines how much to dole out to victims in settlements, based on how much cash the diocese has. 

Though it's technically legal, lawyers who specialize in sex abuse cases have often criticized the strategy of shifting assets, saying it's unfair for abuse survivors.

It's a strategy seen in dioceses across the country.

As Church Militant reported in 2018, the archdiocese of Detroit created Mooney Real Estate Holdings and began transferring millions of dollars in church properties into the corporation — under the ownership of Abp. Allen Vigneron. The Detroit archdiocese also began establishing parishes as their own corporations, a move that further shields money from lawsuits and settlement payouts.

The report on New York's bishops is just the latest case of prelates protecting finances and leaving the Church with a black eye.

By commenting on you acknowledge you have read and agreed to our comment posting guidelines

Never miss a Vortex!

Search The Site

Previous Episode
Showdown in Florida
Governor rebuffs federal restrictions
February 15, 2021
Subscribe to the Vortex audio podcast

Latest Shows

Detroit Dirt
The clock is ticking.
March 3, 2021
March 3, 2021
Get briefed on today's top stories with Christine Niles.
Evening News
March 2, 2021
Hard-hitting news and analysis through an authentic Catholic lens.
March 2, 2021
RINO Hunting
Exposing fake Republican traitors.
March 2, 2021
Mic'D Up
Spiritual Warfare
Good vs. evil.
February 28, 2021