A Kentucky judge granted preliminary approval Tuesday to a $120 million agreement between the Roman Catholic Diocese of Covington and hundreds of victims of child molestation by priests and other employees. It's the largest settlement involving clergy abuse in the nation.

The decision by Judge John Potter makes $40 million from diocese assets immediately available. The victims and the diocese are suing two insurance companies for the remaining $80 million. Potter's ruling allows lawyers to begin advertising the settlement and sets a Nov. 10 deadline for claims. “It's the best way to know we have a measure of justice,” plaintiff's attorney Stan Chesley said. The suit, filed in 2003, accuses the diocese of a 50-year coverup of sexual abuse by priests and other employees. Carrie Huff, a lawyer for the diocese, called the settlement amicable. Victims would receive awards between $5,000 and $450,000, based on the severity of abuse. A final hearing is Jan. 9.