USA Gymnasts and Olympic Committee agree to pay gymnasts a historic $380 million settlement over Larry Nassar abuse scandal

• USA Gymnastics has reached a $380 million settlement with survivors of Larry Nassar's abuse.
• This settlement includes claims from Olympians Simone Biles and Aly Raisman.

A $380 million settlement has been reached between USA Gymnastics, the US Olympic & Paralympic Committee, and their insurers and the victims of disgraced former doctor Larry Nassar, the Wall Street Journal reported.

According to the Wall Street Journal, this is one of the largest settlements of its kind, and will give payouts to hundreds of gymnasts who say they were assaulted by Nassar over the course of three decades, including Olympians Simone Biles, Aly Raisman, and McKayla Maroney.

In addition to the Olympians, the settlement also includes claims from local gymnasts who sought after Nassar based on his national reputation, according to the Wall Street Journal.

While the settlement has not been finalized, TIG Insurance Company confirmed the settlement in a bankruptcy court in Indianapolis, Indiana, the Wall Street Journal reported.

Attorney John C. Manly, who represents dozens of women and girls who accused Nassar of abuse, told Insider that the settlement "ends another chapter in the Larry Nassar scandal."

"These brave women relived their abuse publicly, in countless media interviews, so that not one more child will be forced to suffer physical, emotional, or sexual abuse in pursuit of their dreams," he said.

Attorney Jamie White, who also represents dozens of these survivors, added: "It's been a very long and difficult road for these young women, and no amount of money can cure the pain and betrayal, but it is an important step toward justice."

A third attorney representing Nassar victims, Michelle Simpson Tuegel, applauded the victims who "forced these organizations to listen, and demanded change."

"Through this agreement, these survivors are finally being acknowledged and USAG and USOPC are being forced to change so that this sport can begin a new chapter," she said.

Along with the $380 million payout, a non-monetary stipulation in the settlement also ensures self-proclaimed abuse survivors will have spots on USA Gymnastics' leadership board, the Wall Street Journal reported.

This settlement allows USA Gymnastics to remain as the "governing body of the sport," the Wall Street Journal reported, but will do so with a new set of leaders. The corporation will also work its way out of bankruptcy — filed in 2018 — by focusing on rebuilding efforts.

"Reaching a financial resolution is one extremely important piece of the transformation that is taking place within our organization," Sarah Hirshland, USOPC CEO said in a statement to Insider.

"In addition to actively participating in the mediation and contributing to the settlement, USOPC has enacted sweeping reforms to our governance structure to combat sexual abuse, support athletes and survivors and strengthen protections for athletes against any form of abuse," she added. "Our resolve to make Olympic and Paralympic sport safe for all guides everything we do. This is our pledge, today and every day."

The battle between the victims and the Olympic Committee has spanned five years, starting with 2000 Olympic bronze medalist Jamie Dantzscher's claims against Nassar in 2016.

Since then, Nassar has faced sexual abuse allegations from more than 500 gymnasts.

In 2018 he was sentenced to 175 years in prison for sexually abusing multiple women and girls under the guise of medical treatment.

USA Gymnastics and lawyers for Larry Nassar did not immediately respond to Insider's request for comment.