Michigan State University will reportedly pay $500 million to survivors of Larry Nassar's sexual abuse in what is believed to be the largest settlement ever in a sexual misconduct case involving a university, according to ESPN.

As a result of today's agreement between the attorneys representing 332 claimants and representatives from Michigan State, $425 million will be distributed to claimants who are currently part of the lawsuits. According to ESPN, an allocator will determine how much each person will receive. The remaining $75 million will be held in reserve for two years in the event that others come forward and make claims about Nassar's abuse.

"I'm very happy that we're done with litigation," said former gymnast Rachael Denhollander, the first woman to publicly accuse Nassar of sexual abuse more than 18 months ago. "I'm very grateful for the historic number that acknowledges some of the hardships that these women have suffered. I'm also very disappointed in a missed opportunity to create meaningful policy changes."

The suits claim that the other defendants had opportunities to put an end to Nassar's abuse and failed to do so, and that those organizations were accountable for allowing the former doctor to sexually abuse women for over 20 years. According to ESPN, the school has also cut ties with former president Lou Anna Simon and former athletic director Mark Hollis as a result of the Nassar scandal.

In January, Nassar was sentenced to 40 to 175 years in prison after pleading guilty to seven counts of criminal sexual misconduct in Michigan. He was later sentenced to an additional 40 to 125 years after pleading guilty to another three counts of criminal sexual misconduct.