(CNN) -- Michigan State University will pay a total of $500 million to settle lawsuits brought by victims of Larry Nassar, the former Michigan State University professor and doctor who sexually abused hundreds of young girls and women.
The terms of the settlement include $425 million dollars paid to current claimants, and $75 million set aside in a trust fund to protect "any future claimants alleging sexual abuse by Larry Nassar," according to John Manly, an attorney representing some of the victims.
The settlement only deals with accusations against Michigan State. Lawsuits are still under way against USA Gymnastics and the US Olympic Committee. The settlement was agreed to in principle by the Michigan State University Board of Trustees in a conference call Tuesday night, a statement from Manly said.
Nassar admitted in court to using his position as a trusted medical doctor to sexually abuse young girls and women who came to him for medical care. He was sentenced to more than 100 years in prison.