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$500M settlement between MSU, Nassar victims needs formal approval

Posted at 1:34 PM, May 17, 2018
and last updated 2018-05-17 13:34:54-04

More than 300 Larry Nassar survivors could be waiting sometime before any money is actually paid out in a settlement reached between them and Michigan State University.

The half-a-billion dollar settlement was agreed to by a MSU Board of Trustees conference call Tuesday night.

The MSU Board of Trustees have to formally approve the deal during a public meeting. News 10 will let you know when that meeting is scheduled, but here's how the settlement breaks down:

- It includes all 332 Nassar survivors who sued MSU. A total of $425,000,000 will be divided among'st them.

- The other $75,000,000 in the settlement will be held back in the event of future lawsuits filed against Nassar over MSU over the next two years.

- The settlement is also the largest ever for a university for a sexual assault case -- much more than $109,000,000 paid by Penn State University to at least 30 victims in the Jerry Sandusky scandal.

The settlement only applies to MSU. The lawsuits against USA Gymnastics, the US Olympic Committee, Twistars and it's owner John Geddert, and the Karolyis are still ongoing.