The Archdiocese of Los Angeles has reached a historic $880 million settlement to resolve 1,354 claims related to child sexual abuse, according to the plaintiffs' attorneys. This settlement, announced on Wednesday, becomes the largest financial settlement for child sexual abuse involving a Catholic archdiocese.

You may also be interested in its Spanish version: Arquidiócesis de Los Ángeles paga $880 millones por demandas de abuso sexual infantil

In 2007, the Archdiocese had already reached a significant settlement, paying $660 million to 500 abuse victims. According to a statement from the Archdiocese, the funds for this new settlement will come from accumulated reserves, investments, bank financing, and contributions from certain religious orders and other defendants named in the lawsuits.

The lawsuits were filed under California Assembly Bill 218, which allowed the revival of past civil claims of child sexual abuse that had expired.

"The substantial amount of this settlement reflects the severe harm caused to vulnerable children and the decades of negligence, complicity, and cover-up by the Archdiocese," said Morgan A. Stewart, the victims' attorney. Stewart urged other religious institutions within the Catholic Church to take responsibility in similar cases.

The Archdiocese has yet to provide further comments on the settlement.