The deal between the University of Southern California and former students who were allegedly subject to sexual abuse by the former campus doctor was announced last year, but it required court approval.
"This is a very important step forward in healing our community," USC interim president Wanda M. Austin wrote in a letter to the school community.
"This settlement will provide relief to those who were affected by this difficult experience. It is an important milestone for those former patients seeking certain resolution without reliving their painful experiences."
Details of the settlement can be found here.
More than 100 women have made claims of sexual abuse by Tyndall.
According to a statement issued last year when the settlement was first reached, each former student who received health services from Tyndall will receive $2,500. Those who are willing to provide further details about their experience may be eligible for up to $250,000 in additional compensation.
Tyndall, who denies the allegations, spent about three decades as a USC staff gynecologist before retiring last year after a USC investigation concluded there was evidence he sexually harassed students during physical examinations.
BREAKING: @USC will pay a $215 million settlement for a class action lawsuit brought by victims of former gynecologist George Tyndall, according to a letter from President Wanda Austin’s office. pic.twitter.com/DJ8VtEbrqa— Daily Trojan (@dailytrojan) October 19, 2018
USC also said that any money leftover from the settlement will be donated toward charities advocating for women's health and well-being.