Mr Weinstein will still stand trial later this year on charges of rape and other sexual assaults. Allegations against the Hollywood mogul were first published in October 2017, sparking the global ‘Me Too’ movement. Mr Weinstein will pay out £24million in compensation and an additional £11million in legal fees.
The money will be divided between 15 alleged victims and creditors who lost money when Mr Weinstein’s studio collapses following the allegations.
According to the Wall Street Journal the settlement was revealed by Adam Harris, a lawyer to Mr Weinstein’s brother.
Addressing a bankruptcy court in Delaware on Thursday he asserted: “We now have an economic agreement in principle that is supported by the plaintiffs, the New York attorney general’s office, the defendants and all of the insurers.”
The accusations against Mr Weinstein cover an extended period, with some going back as much as 25 years.
READ MORE: Harvey Weinstein – Judge BLASTS movie mogul’s lawyers for booking gaffe
More than a dozen were reported by The New York Times and The New Yorker in October 2017, after which more alleged victims came forward.
Following the allegations Mr Weinstein was sacked by his production company, which later collapsed, and expelled from the Academy of Motion Picture Arts and Sciences which oversees the Oscars.
He was also left by his British wife, the actor and fashion designer Georgina Chapman.
On May 25 2018 New York police charged Mr Winstein with a range of sexual offences including rape.
READ MORE: Jennifer suffers ‘cruel sex claims by disgraced Weinstein’
He was bailed for $1million (£790,000) and maintains his innocence.
The reaction to the allegations against Mr Winstein sparked the ‘Me Too’ movement, which led to a number of prominent men across various professions being accused of sexual offences.
Mr Weinstein is also being pursued by his former lawyers for nearly $500,000 (£395,000) according to court documents.
The claim was made by law firm Abelson Herron Halpern LLP which provided representation for Mr Winstein until April.
Mr Weinstein’s spokeswomen said “any allegations of non-consensual sex are unequivocally denied”.