Victims of jailed former US national gymnastics team doctor Larry Nassar are to receive $380 million after reaching a settlement with USA Gymnastics, the US Olympic and Paralympic Committee and their insurers, the Wall Street Journal reported on Monday.

The settlement – described by the Journal as one of the largest ever recorded for victims of sex abuse – ends a five-year legal battle that erupted following the abuse scandal that rocked the US Olympic movement.

Nassar, 58, is serving a life sentence after pleading guilty in late 2017 and early 2018 to sexually assaulting athletes while working as a sports medicine doctor at USA Gymnastics and Michigan State University (MSU).

Hundreds of women – including Olympic gold medallists such as Simone Biles, Aly Raisman and McKayla Maroney – have accused Nassar of sexually abusing them over the course of his more than two-decade career.

Monday’s settlement, which includes claims from Biles, Raisman and Maroney, was confirmed during a hearing in a federal bankruptcy court in Indianapolis, the Journal reported.

Rachael Denhollander, the first woman to go public with allegations against Nassar in 2016, welcomed news of Monday’s settlement.

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

USA Gymnastics filed for bankruptcy in 2018 after a tidal wave of allegations against Nassar swamped the organisation.

The Journal reported that Monday’s settlement was reached after the TIG Insurance Company agreed to pay a “substantial share” of the settlement.

The deal includes a $34 million payment directly from the USOPC, as well as a $6 million loan from the USOPC to USA Gymnastics.

As part of the agreement, a victim of abuse will be put on the board of directors of USA Gymnastics.