The Rocky Mountain News reported Wednesday that, according to university official Ken McConnellogue, the school will settle Lisa Simpson's lawsuit for $2.5 million.

The lawsuit stemmed from a 2001 incident in which Simpson and another woman were allegedly sexually assaulted while attending an off-campus party near the university.

Several of the college's football players and recruits were present at that party, the Title IX lawsuit alleged.

Simpson's attorney, Baine Kerr, said that the school has also agreed to create a part-time Office of Victim Assistance position, as well as a Title IX adviser.

"Even more important than the dollar amount of the settlement is the agreement by CU to enact historic changes agreed to as part of the resolution of this case," Kerr said.

McConnellogue told the Denver Post that as part of the settlement, the second woman involved in the case will receive $350,000.