According to an attorney from MSU, the school will pay $425 million to the 332 victims and set aside another $75 million for a trust fund to protect against future claims of sexual abuse by Nassar.
The statement did not indicate how much money each victim would receive.
The settlement was announced Wednesday in a press release from the California attorneys involved in the case, according to MLive.com, but Michigan State and the attorneys reached the agreement in a meeting Tuesday evening.
In this file photo from January 26, 2018, the shadows of Michigan State University students appear on "the rock" in the university campus which was painted "Thank You" and includes the names of the women who gave victim impact statements during the Larry Nassar sexual assault sentencing hearing in East Lansing, Michigan.
The president of USA Gymnastics, which oversees the US Olympic team, as well as the entire board of directors resigned after at least 156 women came forward to testify against the disgraced ex-doctor.
Nassar, who worked as an osteopathic physician for USA Gymnastics and was a faculty member at Michigan State, was convicted in three courts of charges that included abusing his patients. "Those who spoke at the many days of sentencing remain in my thoughts every day, and their strength is an inspiration to us all", said Michigan Attorney General Bill Schuette.
Four hundred and twenty-five million dollars will be used towards current claimants of the suit, and the other seventy-five million will be kept in reserves for two years in the event that more people come forth with claims of abuse by Nassar. She says she is also disappointed that a resolution hasn't been reached with other organizations such as USA Gymnastics.
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He adds that resolving the litigation "is a positive step in moving us all forward".
Trustee Brian Breslin says Michigan State recognizes the "need for change" when it comes to sexual assault awareness and prevention. Nassar, who is now in prison, pleaded guilty to committing his crimes under the guise of treatment.
In January, Nassar was sentenced to 40 to 175 years in prison after pleading guilty to seven counts of criminal sexual misconduct in MI.
Nassar is now being held in federal jail and will likely remain there for the rest of his life.
Olympic gold medalists Jordyn Wieber, Aly Raisman, Gabby Douglas and McKayla Maroney say they were among Nassar's victims. Nassar treated campus athletes and young gymnasts at his Michigan State office.
The Michigan State settlement is only part of several more ongoing legal battles related to Nassar.