The school will pay $425 million now and hold $75 million in reserve in case other Nassar victims come forward.
$425 million will go to survivors who now have claims against the university.
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A lawyer for the survivors, John Manly, said, "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".
Nassar was sentenced to 40 to 175 years in prison after he was convicted of abusing 140 girls and one boy while he was a sports physician at Michigan State University for almost two decades and as a doctor for the Olympic gymnastics team. "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". It does not address lawsuits against USA Gymnastics, the US Olympic Committee, gymnastics coaches Bela and Martha Karolyi or other parties. "We appreciate the diligent efforts of Mick Grewal and the survivors' attorneys across the nation who worked to obtain this measure of justice and healing".
The institution said no confidentiality agreements or no-disclosure agreements would be attached to the settlement, which it described as agreed to "in principle".
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"This settlement from Michigan State is a huge victory for the survivors as it (is) the real first sign of accountability that we've seen".
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.
Wednesday's settlement only addresses claims against the university.
Nassar pleaded guilty to molesting women and girls under the guise that it was treatment.
Nassar sexually assaulted women and girls while serving as a sports doctor at Michigan State. A MSU investigation cleared Nassar, saying the patient failed to understand the "nuanced difference" between abuse and medical treatment. The school was accused of ignoring or dismissing complaints for years about Nassar.
William Strampel, Nassar's one-time boss and the former dean of the College of Osteopathic Medicine, has since been charged by Forsyth with multiple felonies for storing pornography on a campus computer, allegedly groping a female student and using office to "harass, discriminate, demean, sexually proposition, and sexually assault female students in violation of his statutory duty as a public officer". He pleaded guilty to federal child pornography charges and 10 counts of criminal sexual conduct in MI courts.
In January 2017, Nassar's seven-day sentencing hearing in Ingham County Circuit Court drew national headlines as 152 victims offered testimony about their experience with Nassar.