The settlements between Michigan State and nearly 300 sexual abuse survivors of former doctor Larry Nassar will total at least $500 million, according to a report Wednesday by the Detroit Free Press.

After two days of private mediation, the settlement was announced Wednesday in a joint statement between the University and lawyers representing the survivors. Out of the $500 million, $475 million will be paid immediately and $75 million will be held in case of future lawsuits filed against Michigan State involving over Nassar.

“There will be no confidentiality agreements or non-disclosure agreements attached to the settlement,” the joint press release from the survivors and the university read. “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.”

Attorney for 111 of the plaintiffs David Mittleman said there is a plan in place to continue in settlement discussions with USA Gymnastics, the U.S. Olympic Committee and the aforementioned parties in the joint statement, according to Matt Mencarini of the Lansing State Journal.

Although the settlement believed to be the largest in a sexual misconduct case involving a university, each of the 332 claimants in the Nassar settlement would receive far less than the $109 million shared by the 35 claimants involved in the settlement with Penn State following the Jerry Sandusky scandal.

Nassar, the former Michigan State and USA Gymnastics team doctor, was sentenced to 60 years in federal prison for child pornography charges before being sentenced 40-to-125 years for three count sexual misconduct in Michigan's Eaton County in January. During his Eaton County sentencing, over 150 survivors came forward to give testimony against Nassar.

Nassar, 54, was also sentenced to an additional 40-to 175-year sentence in Michigan’s Ingham County for seven counts of sexual misconduct early this year.

“We are truly sorry to all the survivors and their families for what they have been through, and we admire the courage it has taken to tell their stories,” Michigan State’s board said in a statement Wednesday. “We recognize the need for change on our campus and in our community around sexual assault awareness and prevention.

“A successful resolution to the litigation is a positive step in moving us all forward. We will continue working as a Board to address the necessary changes and improvements that are needed at our university.”