"It is the honest hope of all of the survivors that the legacy of this settlement will be far reaching institutional reform that will end the threat of sexual assault in sports, schools and throughout our society", attorney John Manly, who represents numerous victims, said in a statement.
The lawyers' statement does not address how the money will be allocated to each of Nassar's accusers.
Lawyers representing 332 Nassar victims negotiated the settlement with the school.
"Denhollander says she remains "deeply disappointed at the missed opportunity for meaningful reform at the university".
"It is the honest hope of all of the survivors that the legacy of this settlement will be far reaching institutional reform that will end the threat of sexual assault in sports, schools and throughout our society", attorney John Manly, who represents numerous victims, said in a statement. At least one swimmer was among those to testify that Nassar had sexually abused them as children.
It applies to only the university and MSU individuals sued in the litigation - not to claims against USA Gymnastics, the United States Olympic Committee, Bela and Martha Karolyi, Twistars, John Geddert or other parties, a university press release says. Picture: AP Larry Nassar sits during his sentencing hearing on January 24, 2018.
The settlement will pay US$425 million to the 332 girls and women who have come forward to date, averaging about US$1.28 million per victim. The remaining $75 million will be held in reserve in the event future lawsuits are filed against the university over Nassar.
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The revelations of the long-running abuses sparked investigations into possible abuse at U.S. athletic federations and schools by Congress and the U.S. Department of Education, and led to the resignation of the entire USA Gymnastics board. The organization previously said it was unaware of the abuse until 2015.
The state criminal inquiry into the university has so far yielded charges against William Strampel, the former dean of the MSU medical college where Nassar practiced.
Nassar pleaded responsible to molesting ladies and ladies below the guise that he was treating them for accidents. We recognize the need for change on our campus and in our community around sexual assault awareness and prevention.
Nassar will likely spend the rest of his life behind bars.
He treated campus athletes and scores of young gymnasts at his Michigan State office. "This settlement from Michigan State is a huge victory for the survivors as it is the real first sign of accountability that we've seen". He had a global repute whereas working on the identical time for USA Gymnastics, which trains Olympians.
Five former gymnasts, including two who say Nassar abused them at the Karolyis' ranch near Huntsville say Texas authorities have focused on Nassar while overlooking whether the Karolyis could have prevented abuse.