After a five-year legal battle, the U.S. Olympic and Paralympic Committee (USOPC), USA Gymnastics and the organization's insurance companies have agreed to award $380 million to the sexual abuse survivors in the case against former team physician Larry Nassar, Forbes reported. The athletic establishments also agreed to settle non-monetary lawsuits filed by the survivors.

Officials will disperse the settlement payout, but an estimate of only $34 million will be paid directly from the USOPC. The commission will also be responsible for providing a $6 million loan to the USA Gymnastics as part of the sum's totality.

The settlement comes after mediation rounds ended in a federal bankruptcy court in Indianapolis.

Former Olympian Jamie Dantzscher filed the first civil lawsuit against Nassar. Eventually, more than 500 people filed their own lawsuits against the former physician and his then employers.

"This settlement is the result of the bravery of hundreds of survivors who, despite legal obstacles, long odds and the best corporate legal talent money can buy, refused to be silent,” attorney John Manly said. “The power of their [victims] story eventually won the day.”

Manly represented more than 180 of the survivors, including U.S. gymnasts Simone Biles, McKayla Maroney, Aly Raisman and Maggie Nichols.

Following the verdict, Manly chose not to speak about the mediation’s detailing, but said, "I've done thousands of cases in my life. This is the one I'm most proud of," according to ESPN.

Co-chair and one of Nassar's survivors Sarah Klein added that the "settlement occurred because of a five-year, bare-knuckled legal fight the USOPC and USA Gymnastics decided to initiate against me and 500-plus sister survivors.”

"After thousands of hours of this survivors committee's time, blood, sweat and tears, today we prevailed," she added.

Former gymnast and lawyer Rachel Denhollander who was first to publicly accuse Nassar of sexual assault in 2016, commented on the settlement on Twitter.

"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," she tweeted.

Nassar worked as a volunteer with USA Gymnastics for more than two decades, including serving as the national team's medical coordinator in 1996. He pleaded guilty in 2017 to possession of child pornography and, in early 2018, pleaded guilty to sexually assaulting his former patients.

Judge Rosemarie Aquilina sentenced him up to 175 years in a Michigan state prison, CNN reported.

"I just signed your death warrant because sir, you do not deserve to walk outside of a prison ever again," she said. "You can't give them [victims] back their innocence, their youth. You can't give a father back his life for one of your victims, her life when she took it."