In a bid to thwart a lawsuit that "threatens to shut down an entire religion," the Hare Krishna movement said this week that it will file for Chapter 11 bankruptcy protection later this month.
The International Society for Krishna Consciousness announcement comes in response to the recent filing of a $400-million child abuse lawsuit in a Texas state court.
Plaintiffs aim to hold a range of Krishna institutions liable for sexual, emotional and physical abuse allegedly suffered in Krishna boarding schools during the 1970s and 1980s.
A federal court dismissed a similar suit in September on the grounds that the invoked Racketeer Influenced and Corrupt Organizations Act did not apply.
Plaintiff attorney Wendell Turley recently filed the new suit seeking equal compensation, but this time under state law.