(CNN)Michigan State University will pay $500 million to settle lawsuits brought by 332 victims of Larry Nassar, the former associate professor and doctor who sexually abused hundreds of young girls and women.
The terms of the settlement include $425 million paid to current claimants, and $75 million set aside in a trust fund to protect "any future claimants alleging sexual abuse by Larry Nassar," according to a joint statement from plaintiffs' attorney John Manly and Michigan State University.
Michigan State University is expected to pay the $500 million out of pocket and then sue their insurance company to get the money back, according to a source with knowledge of the settlement.
The settlement only deals with accusations against Michigan State. It does not address lawsuits against USA Gymnastics, the US Olympic Committee, gymnastics coaches Bela and Martha Karolyi or other parties.