Larry Nassar's victims reached a large-dollar settlement with the American Gymnastics Association and the Olympic Committee

After five years of legal battles, the victims of former USA gymnastics physician Larry Nassar reached a $380 million ($530 million) settlement with the U.S. Gymnastics Team, the U.S. Olympic and Paralympic Committee and its insurance companies.

The newspaper said the settlement was confirmed Monday at a hearing at federal bankruptcy court in Indianapolis

The settlement will cover claims from Olympic gold medalists including Simone Byers, Ali Lesman and McKayla Maroni, all of whom are among Nassar's most high-profile victims of sexual abuse.

All three women testified about the abuse they suffered at this year's Senate hearing. At the hearing, they slammed U.S. gymnastics and Olympic officials for failing to stop Nassar, and they also asked the FBI to take charge of an investigation into Nassar's botched conduct.

Nassar, a former attending physician for Olympic gymnasts, was sentenced to 60 years in prison by a federal court in 2017 for possessing child sexual abuse material

The following year, he was also sentenced to up to 175 years and up to 125 years in prison in two different michigan courts for molesting female gymnasts under his care. The settlement was reached after TIG Insurance agreed to pay a majority of the payments

The U.S. gymnastics team filed for bankruptcy in 2018 after Olympic bronze medalist Jamie Dantzscher filed a lawsuit and filed additional claims on behalf of a growing number of Nassar victims