Rodney Erickson: Penn State has enough insurance for lawsuits (VIDEO)

Pennsylvania State University has enough insurance to handle any lawsuits that may arise from the sexual abuse scandal involving retired assistant football coach Jerry Sandusky, Penn State President Rodney Erickson told CBS News this morning.

In an interview on the CBS program "Face the Nation,” Erickson described the school as “adequately covered.”

“In addition to that, we hope to be able to settle as many of these cases as quickly as possible,” Erickson said. “We don’t want to if at all possible drag victims through another round of court cases and litigation. If we can come to an agreement with them, with their attorneys, we believe that would be the best possible outcome in this whole very, very difficult, tragic situation.”

Sandusky was convicted in June of sexually abusing 10 boys over 15 years, at Penn State’s football facilities and off campus, Reuters reported. One of Sandusky’s victims announced through his lawyer this week that he will sue the university for failing to protect him from sexual abuse.

According to Reuters:

The university is involved in a legal battle with its main liability insurer, Pennsylvania Manufacturers' Association Insurance Co, over who should have to pay for any civil suits in the Sandusky scandal. It also owns its own insurer, Nittany Insurance Co of Vermont.

More from GlobalPost: Penn State insurer to deny paying Sandusky claims

Meanwhile, Penn State has said that it will not use state money, tuition or donations to pay fines totaling $60 million over five years that the National Collegiate Athletic Association has slapped on the school for its mishandling of the scandal, the Pittsburgh Post-Gazette reported. University officials said the school would instead tap the capital maintenance budget, internal loans and the athletic reserve fund, possibly delaying some maintenance and construction work, to cover the fines.