Sexual assault survivors of former USA Gymnastics physician Larry Nassar reached a $380 million settlement on Monday after a five-year legal battle with the USA Gymnastics (USAG) governing body, U.S. Olympic & Paralympic Committee (USOPC) and their insurers.

The settlement, confirmed during a hearing in a federal bankruptcy court in Indianapolis, will cover claims by Olympic gold medalists Simone Biles, Aly Raisman, McKayla Maroney and 500 other athletes who were assaulted over three decades. The sum is among the largest ever recorded for victims of sex abuse, the Wall Street Journal noted.

"USA Gymnastics is deeply sorry for the trauma and pain that Survivors have endured as a result of this organization's actions and inactions," USAG President and CEO Li Li Leung said in a statement.

Biles, Raisman and Maroney testified about the abuse they suffered and blamed the FBI, USAG and USOPC for failing to stop Nassar.

As part of the settlement, USA Gymnastics (USAG) and the Olympic & Paralympic Committee (USOPC) also agreed to designate some of their board seats to survivors and to implement other new policies aimed at protecting athletes from future abuse, Reuters noted.

“This settlement is the result of the bravery of hundreds of survivors who, despite legal obstacles, long odds and the best corporate legal talent money can buy, refused to be silent. The power of their story eventually won the day,” John Manly, an attorney for the plaintiffs, said on Monday.

Following the news of the settlement, Rachael Denhollander, one of the first women to publicly accuse Nassar of abuse, took to Twitter to honor the voices of all the survivors that helped take down the former doctor.

“This chapter is finally closed. Now the hard work of reform and rebuilding can begin. Whether or not justice comes and change is made, depends on what happens next,” she posted.

The settlement will almost certainly allow USA Gymnastics to emerge from the bankruptcy process remaining the governing body of the sport, under its new set of leaders, the Journal reported. This is mostly due to TIG Insurance Company, which agreed to pay a large portion of the money.