The attorneys stressed that the settlement, which was agreed to by the university's board of trustees late on Tuesday, was still not final.
Michigan State University will reportedly pay $500 million to survivors of Larry Nassar's sexual abuse in what is believed to be the largest settlement ever in a sexual misconduct case involving a university, according to ESPN.
"This historic settlement came about through the bravery of more than 300 women and girls who had the courage to stand up and refuse to be silenced", John Manly, an attorney representing numerous victims, told the State Journal.
In addition to Nassar's role with Michigan State, he also served as a USA Gymnastics doctor. He added that "it is the honest hope of all of the survivors that the legacy of this settlement will be far-reaching institutional reform that will end the threat of sexual assault in sports, schools and throughout our society".
In this file photo from January 26, 2018, the shadows of Michigan State University students appear on "the rock" in the university campus which was painted "Thank You" and includes the names of the women who gave victim impact statements during the Larry Nassar sexual assault sentencing hearing in East Lansing, Michigan.
Another $75-million will be held in reserve for "future claimants alleging sexual abuse" by Nassar.
Lindsey Lemke said the money from the settlement would go toward counseling and therapy.
Thomashow also said there was more work left to be done. Lawsuits against USA Gymnastics, the U.S. Olympic Committee and others continue to move forward, per the Times report.
Michigan State University announced a $500 million settlement with Nassar's victims Wednesday. We appreciate the diligent efforts of Mick Grewal and the survivors' attorneys throughout the nation who worked to obtain this measure of justice and healing.
Lindsey Lemke, a former MSU gymnast, said she hoped the settlement would bring what she has called long-overdue change in how the university responds to abuse claims.
State regulators filed a complaint Wednesday against Dr. William Strampel, who was dean of Michigan State University's medical school. They said they had little choice to see doctors other than Nassar, who was renowned throughout the sport.
The Michigan State settlement is only part of several more ongoing legal battles related to Nassar. He has been sentenced to 40 to 175 years in one MI county and 40 to 125 years in another on sexual assault charges.
MSU paid nine law firms more than $11 million to defend the university in the lawsuits from the women and girls, according to documents the university released to the Lansing State Journal in response to public records requests.