$500 mln settlement reached in Nassar sex abuse scandal

$500 mln settlement reached in Nassar sex abuse scandal

He pleaded guilty to federal child pornography charges and 10 counts of criminal sexual conduct in MI courts.

Penn State University paid out US$109 million to 35 victims of Jerry Sandusky, an American football coach who was convicted in 2012 of 45 counts of child rape or sexual abuse.

In December, MSU's board directed the university establish a $10-million Healing Assistance Fund to provide counseling services to Nassar's victims.

According to the Detroit Free Press, which broke the news, MSU now has to figure out where this money will come from, and how much its insurance providers will cover. The complaint is related to a pending criminal case against Strampel, who is accused of failing to properly supervise Nassar and of his own sexual misconduct involving students.

Earlier this year, the university's president and director of athletics resigned amid claims that school officials had been told of allegations against Nassar years ago but failed to act. The Free Press reports that MSU now has $1.1 billion in unrestricted free assets.

Nassar sexually assaulted women and girls while serving as a sports doctor at Michigan State. Moody's move mirrored a similar evaluation from S&P Global Ratings at the end of March.

MSU has not detailed how it will pay the survivors or the families. Penn State's agreement was reached with 33 victims, whereas MSU had almost 10 times more plaintiffs.

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The settlement was announced Wednesday after two days of closed door sessions between lawyers for the university and survivors. She says she was on campus signing up to speak at an MSU Board of Trustees meeting when she saw Engler and asked to speak with him - to share her experiences.

On Twitter, Lorincz's mother noted that while the settlement is a "positive", MSU still "handled" the matter "as poorly as everything else".

Numerous survivors said in their statements MSU and other gymnastics authorities got wind of the assaults in the late '90s, but no actions were taken against Nassar.

Many questions remain about the nature of the settlement, including where the money will come from. "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".

"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", victims attorney John Manly says in a handout.

"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", he said in a statement.

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