MSU settles with Nassar survivors for $500M

The survivors of Larry Nassar's sexual abuse and Michigan State University have come to an agreement.

The Manly Stewart Finaldi Law Firm released a statement on Wednesday claiming that the settlement was agreed to by the MSU Board of Trustees during a conference call on the night of Tuesday, May 15.

The agreed upon settlement is $500 million for the 332 survivors represented by the firm.

The terms are as follows:

• $425 million dollars will be paid to current claimants

• $75 million dollars will be set aside in a trust fund to protect any future claimants alleging sexual abuse by Larry Nassar

The agreement states that there will be no confidentiality agreements or non-disclosure agreements attached to the settlement.

Also, the parties must act to address items necessary to finalize the agreement.

“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 the survivors' attorney, John Manly. "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. We also thank the mediator and all who participated in crafting this settlement. It is the sincere 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.”

This settlement only applies to those victims of Nassar's abuse that were suing Michigan State University and those named in that lawsuit. It does not include USA Gymnastics, the United State Olympic Committee, the Karolyi's, Twistars, John Geddert, or other parties.

"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. “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.”

The Board of Trustees released a statement signed by Chairman, Brain Breslin. They stated:

MSU Trustee Dianne Byrum had this to say after the settlement was reached, "“I am pleased a settlement has been reached with the brave young women whose lives have been impacted by this tragic situation. Today’s settlement is an important step forward and we must continue working to change the culture at MSU to ensure this never happens again.”

Attorney General Bill Schuette release the following statement:

"I am pleased for the survivors of Larry Nassar's mistreatment that this settlement is occurring. This is about justice for the survivors; each of the women who came forward deserve justice. Those who spoke at the many days of sentencing remain in my thoughts every day, and their strength is an inspiration to us all."

Special Counsel Bill Forsyth said, "It is very important to see resolution on the civil side, and I hope this provides some sense of relief and closure for the survivors. That being said, my investigation is still open and ongoing."

Nassar pleaded guilty to assaulting victims with his hands under the guise of treatment. He also possessed child pornography and is serving decades in prison

He treated campus athletes and scores of young gymnasts at his Michigan State office. He had an international reputation while working at the same time for USA Gymnastics, which trains Olympians.

Olympic gold medalists Jordyn Wieber, Aly Raisman, Gabby Douglas and McKayla Maroney say they were victims.

News 10 will have complete coverage of this settlement, including campus reaction, on News 10 at 6 PM.