MICHIGAN State University has reached a $US500 million ($667 million) settlement with the hundreds of women and girls who say they were sexually abused by sports doctor Larry Nassar.

The New York Post reports the settlement was announced by the university — where the ex-USA Gymnastics doctor was on staff as a physician — and the lawyer representing his more than 300 victims.

The deal includes $425 million that the school will pay to the 332 current claimants and $75 million that will be set aside in a trust fund to protect against any future claims of sexual abuse by Nassar.

There will be no confidentially agreements or nondisclosure agreements attached to the settlement, which was agreed to by the MSU Board of Trustees during a Tuesday night conference call.

“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, the California lawyer representing the survivors, said in a statement.

“It is the sincere 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.”

MSU Board of Trustees Chair Brian Breslin called the settlement a “successful resolution” in a statement.

“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,” Breslin said.

Breslin continued: “We recognise 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.”

The settlement only applies to the college and the MSU individuals who were sued.

Nassar, who worked for the national governing body of gymnastics and MSU for decades, has been sentenced to three prison terms — two for his sex abuse crimes and another for federal child pornography charges.

He was sentenced to 40 to 175 years behind bars in addition to another state term of 40 to 125 years and a federal sentence of 60 years.

Hundreds of women, including Olympians like Aly Raisman and Simone Biles, have accused Nassar of sexually abusing them under the guise of medical treatment for decades.

During his marathon-sentencing hearings in Michigan courtrooms, Nassar was forced to come face-to-face with hundreds of his victims who during their gut-wrenching testimony detailed how they were abused by Nassar.

Raisman was among the many women and girls to speak out in the courtroom about the trauma they endured by the once renowned doc.

“You are so sick,” Raisman told Nassar when she confronted twisted physician during the January courtroom hearing.

“You lied to me and manipulated me to think that when you ‘treated’ me you were closing your eyes because you had been working hard — when you were really touching me, an innocent child, to pleasure yourself.”

She added, “I am here to face you, Larry, so you can see I’ve regained my strength, that I’m no longer a victim.

“I am a survivor.”

Nassar, who pleaded guilty to molesting athletes during treatment when he was employed by MSU and USA Gymnastics, was fired from the university in September 2016.

The monster doc is currently serving his federal time at the high-security United States Penitentiary in Tucson, Arizona.