A $490 million settlement between the University of Michigan and attorneys of more than 1,000 survivors of the abuse of Dr. Robert Anderson has been finalized.

All parties have approved to the settlement first announced in January, with the required consent from 98% of the claimants, a milestone recently reached, UM said Friday, Sept. 16.

The university said today the process was completed with guidance from Robert F. Riley, a neutral, third-party mediator appointed by U.S. District Court Judge Victoria A. Roberts.

“The University of Michigan offers its heartfelt apology for the abuse perpetrated by the late Robert Anderson. We hope this settlement helps the healing process for survivors,” UM Board of Regents Chair Paul Brown said.

Claimants and their attorneys will be responsible for deciding how to divide settlement funds. The university has no role in that process.

UM President Mary Sue Coleman said finalizing the settlement continues the university’s momentum in addressing misconduct.