The University of Michigan on Wednesday reached a $490 million settlement with over a thousand survivors who allege that they were sexually assaulted by a former physician in the school's athletic department.

Driving the news: "It's been a long and challenging journey and these survivors have refused to remain silent," attorney Parker Stinar said Wednesday.

• "Because of their persistency to hold the university accountable, justice is finally served on their behalf," Stinar said.

The big picture: Sexual abuse allegations against Robert Anderson, who worked for the school from 1966 to 2003 and was a physician for multiple sports teams, were first publicized in February 2020.

• Since Anderson's death in 2008, more than 950 individuals have come forward to report instances of sexual misconduct committed by the doctor, according to the Michigan Daily.
• The settlement also comes days after the University of Michigan removed Mark Schlissel as president due to an alleged "inappropriate relationship with a university employee."

Between the lines: $460 million of the settlement will be allocated to the 1,050 survivors who have already come forward. An additional $30 million is being set aside in a reserve fund for survivors that may come forward in the future.

• "If that fund is not exhausted, then it goes back to the 1,050," Stinar said.