1. An agreement between the partiesto a civil lawsuit, in which the plaintiff agrees todrop the suit in exchange for a sum of money or the defendant’s promise to do or refrain fromdoing something. 2. Closing.

Merriam-Webster Online Dictionary
settlement (noun)
the act or process of - settling
a) an act of bestowing or giving possession under legal sanction
b) the sum, estate, or income secured to one by such a settlement
a) occupation by - settlers
b) a place or region newly - settled
c) a small village
- settlement house
an agreement composing differences
payment or adjustment of an account
Merriam-Webster Online Thesaurus
settlement (noun)
an arrangement about action to be taken
accord, bargain, compact, contract, convention, covenant, deal, disposition, pact, settlement, understanding
charter, treaty; binder, pledge, promise; alliance, association, entente, entente cordiale, league, partnership; acceptance, approval, assent, concurrence, consent, OK ( okay)
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