Victims of USA gymnastics team doctor Larry Nassar share $500m

Dr. Larry Nassar appears in court for a plea hearing in Lansing Mich. on Nov. 22 2017

Michigan State University has agreed to pay $500 million to more than 300 women and girls who said they were assaulted by sports doctor Larry Nassar in the worst sex-abuse case in sports history, the university announced Wednesday.

There is no indication as to how much each victim will receive, or how Michigan State University will allocate the funds.

The settlement is only between the victims, MSU, and the university's current and past employees, and doesn't involve USA Gymnastics and other parties who have been sued. The remaining $75-million will be held in reserve for "future claimants alleging sexual abuse" by Nassar. According to the Detroit Free Press, the university brought in $859 million in tuition revenue in 2016-17. Nassar's work far away from campus was spelled out in his employment contract with Michigan State.

The settlement only deals with accusations against Michigan State. While this money is now earmarked for certain projects, MSU is not legally obligated to use this money for these purposes.

While numerous claimants are former MSU athletes, not all of them encountered Nassar at the school. S&P Global Ratings dropped Michigan State's outlook to negative in March, with analyst Ashley Ramchandani claiming that the uncertainty surrounding the school in terms of senior leadership and pending investigations casts a shroud on its financial status.

Put into perspective, the settlement reached Tuesday night is historic.

Dr. Larry Nassar 54 appears in court for a plea hearing in Lansing Mich. on Nov. 22 2017
Dr. Larry Nassar 54 appears in court for a plea hearing in Lansing Mich. on Nov. 22 2017

The university hadn't returned a request for comment from FOX Business at the time of publication.

"The settlement is a win for us and (I) appreciate that it is a step in the right direction", she told CNN, "but I'm disappointed in the lack of compassion from MSU and that their tone toward the survivors has not changed".

On Twitter, Lorincz's mother noted that while the settlement is a "positive", MSU still "handled" the matter "as poorly as everything else". There are other lawsuits that have been filed against a number of others - such as the U.S. Olympic Committee, famed gymnastics coaches Bela and Martha Karolyi - that are not involved with this settlement and will be progressing in their respective cases.

"How could Larry Nassar have been allowed to assault so many women and girls for more than two decades?" she wrote.

Now the New York Times reports that Michigan State has reached a half-a-billion dollar settlement with Nassar victims.

More than 250 gave statements in court when Nassar was sentenced for sexual assault in January and February. In order to truly move forward, MSU is going to have to make real changes - and there are 332 "Sister Survivors" who will make sure that they do.


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