The chairman of Michigan State University's governing board says the school is "truly sorry" for what disgraced sports doctor Larry Nassar's victims and families went through.
Larry Nassar pleaded guilty to molesting women and girls under the guise that it was treatment and received sentences of between 40 and 175 year and 50 and 125 years.
Michigan State and lawyers for 332 victims announced Wednesday that they have reached a $500 million settlement.
Under the terms of the agreement, the school will pay $425 million to current claimants, with $75 million set aside in a trust fund for any future claimants who allege sexual abuse by Nassar under the guise of medical treatment.
The statement doesn't indicate how much money each victim would receive.
BC-US-GYM-Doctor-Sexual Assault, 1st Ld-Writethru, 119URGENTMichigan State and Nassar victims reach $500M settlementEds: Deletes lead paragraph. "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".
"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", said Robert Young, special counsel to MSU. He is serving sentences that will likely keep him in prison for life. He had an global reputation while working at the same time for USA Gymnastics, which trains Olympians.
The deal applies only to Michigan State. He also worked for USA Gymnastics.
In addition to those he sexually assaulted at Michigan State, high-profile gymnasts Aly Raisman, McKayla Maroney, Gabby Douglas, Simone Biles and Jordyn Wieber came forward as victims of Nassar's abuse during his time as USA Gymnastics' team physician.
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