And assuming it becomes final, the settlement will not resolve many other aspects of this situation for Michigan State, which is under investigation by the Education Department and the National Collegiate Athletic Association.
The school and lawyers for 332 victims announced the deal Wednesday.
Nassar used to work at the school as a sports doctor.
Nassar was accused of molesting girls and women as a doctor at Michigan State and for USA Gymnastics, which is still facing a suit over the abuse.
The settlement only applies to Michigan State University and the officials named in the lawsuit against the school.
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Rachael Denhollander of Louisville, Kentucky, who in 2016 was the first woman to publicly identify herself as a victim, said the agreement "reflects the incredible damage which took place on MSU's campus".
The complaint also accuses Strampel of making inappropriate sexual comments to female students, storing nude photos of MSU students on his work computer, and failing to enforce protocols meant to protect female patients following sexual abuse allegations made against Nassar. "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". "We know that there's a problem in our state with childhood sexual abuse, and so to see this recognition hopefully it's going to clear up any lingering questions that some of our colleagues have about do we need some of this legislation to protect our children?"
Robert Young, special counsel to Michigan State, said the university is "pleased that we have been able to agree in principle on a settlement that is fair to the survivors of Nassar's crimes". We will continue working as a Board to address the necessary changes and improvements that are needed at our university. The amount is almost five times the amount of the sum paid out by Penn State University in the case of former basketball coach Jerry Sandusky. He was sentenced to 60 years in prison on federal child pornography charges. The school had insisted that no one covered up assaults, although Nassar's boss, former medical school dean William Strampel, was later charged with failing to properly supervise him and committing his own sexual misconduct. The total settlement amount equals almost 30 percent of the university's total tuition revenue during the 2016-2017 academic year, according to the Detroit Free Press.
It also did not say how Michigan State will pay the bill. The total revenue for the year was $2.9 billion with $1.1 billion in unrestricted net assets.