(CBS) Trustees at Penn State University have officially authorized the payment of roughly $60 million to settle claims from the sexual abuse victims of former assistant football coach Jerry Sandusky.

According to a report from the Wall Street Journal, the settlements of nearly 25 of the 30 claims should be finalized by the end of August.

The claims will be settled by Penn State’s insurer, Pennsylvania Manufacturers’ Association Insurance Co. Sandusky was convicted last year of the repeated sexual abuse of young boys.

He is currently serving a sentence of 30 to 60 years in prison.