An American bankruptcy court judge has recently approved the liquidation plan proposed by Weinstein Co. As per the plan, it will provide $17 million for all those women who accused the co-founder of the company, Harvey Weinstein of sexual misconduct.

Judge Mary Walrath who attended the hearing remotely from Wilmington, Delaware overruled objections from various women who were looking to appeal claims outside of the bankruptcy court.

As per her notes, about 83 percent of those who claimed sexual misconduct against Weinstein have provided loud expressions looking for closure through the approval of the plan. They said that they do not require any further litigation to receive recovery or compensation. It is also clear that monetary support will not give them the right justice.

The Weinstein Co. sold all its assets to Lantern Entertainment for $289 million. It later became Spyglass Media Group which filed for bankruptcy in 2018.

The bankruptcy came into being following the widespread claims of sexual misconduct by various women against the founder of the company, Harvey Weinstein. He is presently serving a 23-year prison term after he was arrested for sexually misconducting with a former production assistant and also raping an actor.

Insurers have given $35 million to the entire plan. Hence, the holders of sexual misconduct will be receiving almost half of the claimed amount. According to the lawyers of the Weinstein Co., all the women who brought in the claims would each receive six-figure recoveries.

They will also be given the option to forgo most of their payout under the liquidation plan if they continue to pursue their claims and charges against Weinstein and other former directors and officers of the company.

There was also a group of women who came forward with sexual abuse claims and argued the choice between a full payout and continuing to pursue their claims. They said it was unfair considering that the issue is sensitive and no amount of money of legal support can restore the physical and mental trauma that they went through over the years. However, lawyers of the company alongside an unsecured creditors’ committee which also includes some women who have filed sexual misconduct claims against Harvey said that the releases for former officers and directors are a crucial component of the plan. Thus, overall, the entire approval will work for the benefit of the women. Although financial compensation can never be comparable to the damage that has been made by Weinstein’s actions, they are still happy that the case is leading somewhere fruitful and optimistic.

One of the lawyers of the company, Paul Zumbro of Cravath Swaine & Moore, said during the hearing that the plan is remarkable and is a favorable closure for an ugly story that shook Hollywood to the core. The approval of the plan also stands as an example of how status or money cannot save anyone who has carried out such evil deeds.