Dec. 13 (UPI) -- Hundreds of gymnasts who were sexually assaulted by former Olympic team doctor Larry Nassar will receive a $380 million settlement from USA Gymnastics and the U.S. Olympic & Paralympic Committee after an agreement was reached Monday.
The settlement, after years of talks, will compensate more than 500 gymnasts, including Olympic gold medalists Simone Biles, McKayla Maroney and Aly Raisman, who were preyed on by Nassar and others -- marking one of the largest ever announced for sexual assault.
It includes the settlement of lawsuits against Steve Penny and Bela and Marta Karolyi, ESPN reported. Penny, the former CEO of USA Gymnastics, has been charged with evidence tampering relating to the Nassar investigation and has pleaded not guilty. The Karolyis have been accused of turning a blind eye to Nassar's sexual abuse, as well as their own physical and psychological abuse of female athletes.
The settlement was revealed as part of bankruptcy proceedings regarding USA Gymnastics in an Indiana federal court, The New York Times reported. Insurers for the two organizations agreed to pay most of the settlement -- but the Olympic committee will dole out $34 million and loan $6 million to USA Gymnastics for the organization to pay its end of the agreement.
Rachel Denhollander, an attorney and former gymnast who was abused by Nassar, tweeted that she was particularly proud of the non-monetary reform commitments that were made as part of the settlement agreement.
"This chapter is finally closed. Now the hard work of reform and rebuilding can begin. Whether or not justice comes and change is made depends on what happens next," Denhollander tweeted.
USA Gymnastics agreed to set up a program to give survivors a say in how sexual assault issues are handled in the future.
"I am proud of the non-monetary reform commitments in particular -- this represents so much hard work from members of the committee, and I am eager to see these changes through."
Denhollander added in comments to The Times that "no amount of money will ever repair the damage that has been done" but welcomed the financial commitment, which will allow Nassar's victims to receive mental health treatment for anxiety, depression and post-traumatic stress disorder.