Penn State president hopes to settle sex abuse lawsuits "as quickly as possible"

(CBS News) The president of Penn State said that the university is hoping to quickly settle any lawsuits related to the Jerry Sandusky sex abuse case because Penn State doesn't want to "drag victims through another round of court cases and litigation."

In an interview with "Face the Nation" host Bob Schieffer, Penn State President Rodney Erickson said the university has general liability insurance and believes they are "adequately covered" to settle any pending lawsuits "as quickly as possible."

"We don't want to, if at all possible, drag victims through another round of court cases and litigation," he said. "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."

On Thursday, lawyers for a man who claims to be the unknown victim abused in a Penn State shower by Sandusky said he intends to sue the university.

For the full interview with Erickson, tune in to "Face the Nation" on Sunday at 10:30 Eastern.