USA Gymnastics expects to pay $75 million to $150 million to victims of Larry Nassar

USA Gymnastics expects to pay between $75 million and $150 million to victims of Larry Nassar’s sexual abuse, according to financial statements it released Thursday.

USAG has been in mediation talks with Nassar’s victims since the spring. In May, Michigan State University agreed to pay $500 million in settlements to more than 330 women who were victims of Nassar’s abuse.

Approximately 220 gymnasts who say Nassar abused them have filed suit in Michigan and California, naming USAG as a defendant. There also are two lawsuits filed against USAG in Texas.

USAG noted that the litigation in Michigan and California is being mediated as a consolidated group. The USAG expects that a potential settlement of the claims would be covered by insurance. The amount claimed could increase if other victims come forward or circumstances change, USAG noted.

An investigation by the Ropes & Gray law firm also could affect any settlement. The firm is looking into whether anyone at USA Gymnastics knew about athlete complaints of Nassar’s abuse and didn’t report them, as well as systemic failures that might have contributed to him going unchecked for so long.

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Sports Business Daily first reported details of USAG’s financial statements Thursday.

In April, USAG filed a lawsuit against its insurance carriers seeking full reimbursement for defense costs in 10 lawsuits relating to Nassar.

The latest financial statements were released on the same day the New York Times reported that documents that were believed to be missing were found at USAG’s headquarters in Indianapolis. The documents may be relevant to the investigation into Nassar, who is serving an effective life sentence after pleading guilty to federal child pornography charges and state charges of sexual abuse.

Monday the United States Olympic Committee took steps to strip USAG of its recognition as the national governing body of the sport.

USAG lost all of its sponsors in the wake of the sexual abuse scandal. In 2017, total assets for USAG and its foundation were $108 million.