December 13, 2021, 11:40amEST.
The Wall Street Journal reports that USA Gymnastics, the U.S. Olympic & Paralympic Committee and their insurance companies have reached a $380 million settlement with the victims of former physician Larry Nassar.
The gymnasts are testifying at a Senate Judiciary hearing about the FBI's handling of the Larry Nassar investigation. Saul Loeb is in the pool.
The images are from the same company.
TIG Insurance Company agreed to pay a substantial share of the settlement amount after a hearing in Indianapolis, according to the Journal.
The settlement includes a $6 million loan from the USOPC to USA Gymnastics.
The agreement will include athletes who were abused, including claims from Olympic gold medalists Simone Biles, Aly Raisman and McKayla Maroney, gymnasts who sought out treatment from Nassar based on his national reputation and victims of other abusive coaches who sued the sport's governing bodies.
The settlement includes requirements for victims of abuse to hold roles at USA Gymnastics.
USA Gymnastics and the USOPC did not comment to Forbes until the settlement is confirmed.
Many top officials from the two agencies resigned, including the entire board of USA Gymnastics, following revelations over how the two agencies handled reports about Nassar. The USA Gymnastics filed for bankruptcy. Many of the sport's top athletes criticized the organizations on social media and in a Senate hearing earlier this year, as the agencies and victims negotiated the settlement over the next few years. Nassar's victims voted in favor of the agreement and to accept the settlement last month, but TIG Insurance Company had yet to agree.
There is a structure called the Tangent.
In July, the Office of the Inspector General released a report which found that the FBI mishandled a probe into allegations against Nassar in 2015, which allowed him to abuse dozens of victims before he was arrested. The FBI turned a blind eye to us, according to Biles, who testified before a Senate committee. Nassar was sentenced to up to 175 years in prison after pleading guilty to child pornography charges.
The proposed settlement is part of the plan to emerge from the bankruptcy with a new set of leaders. The judge signaled that he was ready to approve the deal.
USA Gymnastics and the U.S. Olympic and Paralympic Committee have reached a settlement with Nassar victims.
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