That's a whopping amount of money
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Michigan State will pay $500 million to victims of Larry Nassar's sexual abuse in what is believed to be the largest settlement ever in a sexual misconduct case involving a university.  

The settlement was announced Wednesday, after the Detroit Free Press published news of the settlement, following two days of closed-door mediation sessions between lawyers for the university and the survivors.

Terms of the settlement are as follows:

• $425 million dollars will be paid to all current claimants

• $75 million dollars will be set aside in a trust fund to protect any future claimants alleging sexual abuse by Nassar

The settlement was approved by the MSU board in a conference call Tuesday night.

"There will be no confidentiality agreements or non-disclosure agreements attached to the settlement," according to a joint press release from the survivors and the university. "Additionally, the parties must act to address items necessary to finalize the agreement. The settlement applies to only Michigan State University and MSU individuals sued in the litigation. It does not address claims against USA gymnastics, the United States Olympic Committee, Bela and Martha Karolyi, Twistars, John Geddert or any other parties."

"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."

Hopefully this will help give some relief and peace to some of the victims and their families.  Of course Twitter went in on the settlement. Check out some of the highlights below: 

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