MSU and attorneys representing the victims announced Wednesday that $425 million would go to those who filed the lawsuits and $75 million to a trust fund to protect any future claimants who allege abuse by Nassar.
The statement doesn't indicate how much money each victim would receive.
The agreement with attorneys representing the survivors was a "global settlement", Michigan State University said. "However, I am deeply disappointed at the missed opportunity for meaningful reform and change at the University".
"It is the honest hope of all of the survivors that the legacy of this settlement will be far reaching institutional reform that will end the threat of sexual assault in sports, schools and throughout our society", attorney John Manly, who represents numerous victims, said in a statement.
The president of USA Gymnastics, which oversees the US Olympic team, as well as the entire board of directors resigned after at least 156 women came forward to testify against the disgraced ex-doctor.
It does not address claims against USA Gymnastics, the US Olympic Committee, or the owners of the Texas facility where gymnasts trained, according to a statement from the California law firm of Manly, Stewart & Finaldi in Los Angeles. Michigan State University, his former employer, argued it's immune as a state institution from being sued - and noted the statute of limitations on numerous cases had expired.
Nassar worked at MSU and USA Gymnastics for decades. A successful resolution to the litigation is a positive step in moving us all forward.
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He joins Tom Heaton, James Tarkowski, Lewis Cook and Adam Lallana in being placed on the back-up list. Long-time goalkeeper Joe Hart and injury-prone midfielder Jack Wilshere were omitted, for example.
Denhollander was the first survivor to file a criminal complaint against Larry Nassar back in 2016. Nassar was sentenced to 60 years in federal prison for child pornography charges and also faces two additional 40 year sentences in MI prisons for the sexual assault crimes. The organization previously said it was unaware of the abuse until 2015.
Gold medalists Jordyn Wieber, Aly Raisman, Gabby Douglas and McKayla Maroney are among those who say they were abused by Nassar.
Trustee Brian Breslin says Michigan State recognizes the "need for change" when it comes to sexual assault awareness and prevention.
Nassar pleaded responsible to molesting ladies and ladies below the guise that he was treating them for accidents.
He handled campus athletes and scores of younger gymnasts at his Michigan State workplace. He had an worldwide reputation while working at the same time for USA Gymnastics, which trains Olympians.
The Michigan State settlement is only part of several more ongoing legal battles related to Nassar.