A tentative deal is close to settling lawsuits brought against the television and film company co-founded by Harvey Weinstein, who has been accused of sexual misconduct by scores of women.
"We now have an economic agreement in principal that is supported by the plaintiffs, the AG's office, the defendants and all of the insurers that, if approved, would provide significant compensation to victims, creditors and the estate, and allow the parties to avoid years of costly, time consuming and uncertain litigation on all sides," Adam Harris, a lawyer for studio co-founder Bob Weinstein, told a bankruptcy court judge in Wilmington, Delaware, on Thursday.
He cautioned that there was still "a lot of work here to do."
"But," he added, "I personally am very optimistic."
The amount of the deal wasn't revealed in court, but a person familiar with the negotiations told The Associated Press it was worth $44 million. The person wasn't authorised to reveal details of the discussions and spoke on condition of anonymity.
The size of the settlement was first reported by The Wall Street Journal.The New York attorney general's office declined to comment on the amount of the settlement.
More than 15 lawsuits have been filed accusing Harvey Weinstein or the company of misconduct. The settlement would cover many of them, including a class action by alleged victims and a suit by the New York attorney general.
The class-action complaint accuses the company of operating like an organized crime group to conceal widespread sexual harassment and assaults.
The scandal forced the studio into bankruptcy.Harvey Weinstein also faces criminal charges in New York of rape and performing a forcible sex act. His trial is scheduled to begin in September.
He denies all allegations of nonconsensual sex.