USA Gymnastics expects to pay $75M-$150M to Larry Nassar victims

USA Gymnastics estimates it will have to pay between $75 million and $150 million to the victims of Larry Nassar’s serial sexual abuse, according to the organization’s financial statements released Thursday.
In the aftermath of the Nassar scandal, some 220 gymnasts have filed lawsuits that claim the former USA Gymnastics doctor abused them. The suits have been filed in Michigan, California and Texas, naming USAG as a defendant.
ESPN reported that the expected payout range does not include what comes out of criminal inquiries or other investigations.
USA Gymnastics also expects insurance to cover a potential settlement of the claims, though the amount claimed could go up if more victims come forward, according to USA Today.
“USAG has insurance coverage encompassing numerous policies covering approximately 30 years, which in total provides substantial amounts of coverage. USAG considers the current range of potential impact to be between $75 million and $150 million,” according to the financial statements.
“USAG has recorded a receivable for insurance coverage equal to $75 million since USAG concludes such insurance coverage is probable since it is part of the mediation process. … These [inquiries] are at an early stage and have not advanced to a level that any amount, such as the possibility of fines or settlements, can be determined.”
The organization has seen much change since Nassar pleaded guilty to state charges of sexual abuse earlier this year. The United States Olympic Committee announced Monday it is seeking to revoke USAG of its recognition as the national governing body of the sport.
Additionally, Michigan State University agreed in May to pay $500 million in settlements to more than 330 women who were victims of Nassar’s abuse while he served as an athletic department physician at the university.
Nassar, 55, faces up to 175 years in Michigan state prison for criminal sexual conduct after more than 200 victims came forward at his sentencing hearings in January. He is currently serving a 60-year sentence in federal prison for possessing child pornography.

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