More than 350 women are thought to have been abused by Nassar, who was given an effective life sentence by a Michigan court in 2018 for sexually abusing dozens of young female gymnasts and is also serving a 60-year jail term for a Federal child pornography conviction.  

Earlier this month, a majority of the gymnasts voted to accept a settlement plan with the governing body.

At the US Bankruptcy Court for the Southern District of Indiana court today, TIG Insurance Company agreed to fund a substantial share of the settlement, which includes a direct contribution of $34 million (£26 million/€30 million) from the USOPC and a $6 million (£4.5 million/ €5.3 million) loan from the USOPC to USA Gymnastics, the Wall Street Journal reported.

Sydney 2000 bronze medalist Jamie Dantzscher of the US filed the lawsuit in September 2016, which was followed by a slew of other lawsuits from other gymnasts, including US Olympic gold medalists such as Simone Biles, Aly Raisman and McKayla Maroney.

The agreed $380 million settlement is nearly double last year's rejected $215 million (£162 million/€190 million) proposal, which was widely criticised.

"This settlement is about the brave survivors who came forward, forced these organisations to listen, and demanded change," said Michelle Simpson Tuegel, who represents over two dozen victims, in a joint statement with Tasha Schwikert Moser, co-chair of the Survivors Creditors Committee.

"Through this agreement, these survivors are finally being acknowledged and USA Gymnastics and USOPC are being forced to change so that this sport can begin a new chapter."

USA Gymnastics has also agreed to a "restorative justice process", in which victims will have a significant say in how the body deals with sexual abuse allegations in the future.

"The restorative justice process that’s part of this plan, you can’t buy that," said attorney Mick Grewal, who represented dozens of women in the case. 

"It will be the gold standard for every institution that has a sexual assault problem."

Rachael Denhollander, the first woman to publicly accuse Nassar of abuse, said on Twitter: "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."

Li Li Leung, President and chief executive of USA Gymnastics, which filed for bankruptcy in 2018, said in a statement: "USA Gymnastics is deeply sorry for the trauma and pain that survivors have endured as a result of this organization’s actions and inactions.

"The plan of reorganisation that we jointly filed reflects our own accountability to the past and our commitment to the future.

"Individually and collectively, survivors have stepped forward with bravery to advocate for enduring change in this sport. 

"We are committed to working with them, and with the entire gymnastics community, to ensure that we continue to prioritise the safety, health, and wellness of our athletes and community above all else."

USOPC chief executive Sarah Hirshland said in a statement: "We are grateful to have reached a resolution with the athlete survivors.

"We have the deepest respect for the tremendous strength and bravery these women have shown.

"We recognise our role n failing to protect these athletes and we are sorry for the profound hurt they have endured."

Hirshland said the USOPC have "enacted sweeping reforms to our governing structure to combat sexual abuse, support athletes and survivors and strengthen protections for athletes against any form of abuse."

The USOPC chief concluded: "Our resolve to make Olympic and Paralympic sport safe for all guides everything we do. 

"This is our pledge, today and every day."

A $500 million (£378 million/€442 million) agreement with 332 survivors of Nassar’s crimes was reached with Michigan State University - where Nassar practised medicine from 1997 until 2016 - in 2018.

In a Senate hearing earlier this year, USA Gymnastics, USOPC and the Federal Bureau of Investigation (FBI) were castigated for their role in the Nassar scandal.

"I blame Larry Nassar and I also blame an entire system that enabled and perpetrated his abuse," said Biles, widely regarded as the greatest gymnast in history.

"USA Gymnastics and the USOPC knew that I was abused by their official team doctor long before I was ever made aware of their knowledge."

At the same hearing, Raisman recorded failings including it taking "over 14 months for the FBI to contact me despite my multiple requests to be interviewed", being "pressured by the FBI to consent to Nassar's plea deal" and FBI agent Jay Abbott meeting Steve Penny to discuss a USOPC job opportunity over beers while Penny was USA Gymnastics President.

Penny, who stepped down in 2017 - reportedly with a severance package worth $1 million (721,000/€841,000) - has subsequently been charged with evidence-tampering and faces two to 10 years in prison if convicted in Texas.

Abbott retired in 2018.

The US Department of Justice in October agreed to launch a new probe into the FBI's botched inquiry into abuse committed by Nassar.