I'm reading Barron's 1100 essential words and in Day 2 of bonus week A it introduces the word "miscreant" but I don't fully understand the example sentence.
Here is the example sentence:
This is the basic measure of damages, and it’s owed by the miscreants to the company and shareholders.
The sentence is an excerpt from Ben Stein, State of the Union.
I know that "A owes B" means A has to pay B for something A has received from B before. But what is the meaning of "it is owed by" in this sentence? What does "it" refer to?
Please provide a reference (like Oxford learners or Cambridge dictionary) for the meaning of "owe" in my question.