USA Gymnastics has reached an agreement on a proposed $425 million settlement with more than 500 women who said they were sexually abused by Larry Nassar, their coach or someone else affiliated with the sport.
The offer, filed late Tuesday in U.S. Bankruptcy Court for the Southern District of Indiana, is part of a reorganization plan that would allow USA Gymnastics to emerge from bankruptcy.
But there aren't enough funds for the settlement yet, with agreements still needing to be reached with several insurance carriers. Until, and unless, that happens, it won't go through.
"What this isn’t is a settlement. This is a proposed resolution that the Survivors Committee supports," said John Manly, an attorney who represents many of the survivors, including Olympic champions Aly Raisman and Simone Biles.