Michigan State University has reached a $500 million settlement with the sexual abuse victims of former faculty member and sports team doctor Larry Nassar, seen here at his January 28 sentencing hearing.
Of the total, $425 million will go to current claimants, meaning the 332 people being represented by the lawyers.
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"This historic settlement came about through the bravery of more than 300 women and girls who had the courage to stand up and refuse to be silenced", said lead attorney John Manly.
And assuming it becomes final, the settlement will not resolve many other aspects of this situation for Michigan State, which is under investigation by the Education Department and the National Collegiate Athletic Association.
He was sentenced to 60 years in prison on child pornography charges, 40 to 175 years in prison on sexual assault charges and 40 to 125 years in prison on additional sexual assault charges.
Victim and former gymnast Aly Raisman appears before speaking at the sentencing hearing for Larry Nassar, a former team USA Gymnastics doctor who pleaded guilty in November 2017 to sexual assault charges, in Lansing, Mich., Jan. 19, 2018.
"We appreciate the hard work both sides put into the mediation, and the efforts of the mediator, which achieved a result that is responsible and equitable", Young said.
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The agreement states that there will be no confidentiality agreements or non-disclosure agreements attached to the settlement.
Wednesday's settlement only addresses claims against the university.
Robert Young, special counsel to MSU, said: "Michigan State is pleased that we have been able to agree in principle on a settlement that is fair to the survivors of Nassar's crimes".
Nassar pleaded guilty to molesting women and girls under the guise that it was treatment. At least one swimmer was among those to testify that Nassar had sexually abused them as children.
Nassar sexually assaulted women and girls while serving as a sports doctor at Michigan State.
Michigan State was accused of ignoring or dismissing complaints about Nassar, some as far back as the 1990s.
Since the MSU board hired former Michigan Gov. John Engler to be the university's interim president, school officials have been working to try to address what Trustee Brian Mosallam called "a culture that enables sexual misconduct" on campus.
The settlement drew mixed reviews from those abused by Nassar.
Nassar was sacked by Michigan State, and was charged with possession of child pornography on his laptop computer as well as abusing a family friend who was not a patient, in addition to molesting a number of former patients. His sentencing in state court this year drew worldwide attention as hundreds of his victims described their abuse.