Michigan has agreed to a $490 million settlement with more than a thousand accusers who claim former sports doctor Robert Anderson sexually assaulted them at the school ... the university confirmed Wednesday.
Anderson -- who worked at the university from 1966 until his 2003 -- was accused of fondling and raping athletes over his decades-long career under the guise of "medical treatment."
Anderson served as head of University Health Service ... and was the team physician for the UM Athletic Dept. He retired from the university in 2003 and died in 2008.
Over the course of the past 2 years, many athletes and other students have come forward with their stories ... and an independent investigation determined the university failed to act on the claims during Anderson's time at Michigan.
Attorney Parker Stinar -- who represented many accusers -- spoke out on the settlement, saying, "I am proud to announce that a settlement was reached with the 1,050 survivors of Robert Anderson and the University of Michigan."
"It has been a long and challenging journey, and I believe this settlement will provide justice and healing for the many brave men and women who refused to be silenced."
Stinar said that over 1,050 people will share in the settlement ... meaning each accuser will receive an average of more than $438,000, depending on individual circumstances, the Detroit News reported.