But the agreement has not been well received with Weinstein not permitted to personally pay out or hold accountability for his actions under the terms of the settlement.
"I don't love it, but I don't know how to go after him. I don’t know what I can really do," Katherine Kendall, who was allegedly sexually harassed by Weinstein in 1993, told the newspaper.
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Two women involved in civil suits against Weinstein, Alexandra Canosa and Wedil David, have outright refused to accept the settlement.
Douglas Wigdor, a lawyer for David, said in a statement: "We reject the notion that this was the best settlement that could have been achieved on behalf of the victims. It is shameful that $12m (USD) of the settlement is going to the lawyers for the directors who we alleged enabled Harvey Weinstein."
"We plan to vigorously object to any provision that tries to bind victims who want to proceed with holding Harvey Weinstein accountable for his actions which is exactly what we intend to do."
Even if the controversial agreement is to go ahead, it doesn't spell the end of his two-year criminal trial with Weinstein set to return to court on January 6 for charges of sexual assault involving two women.
The 67-year-old has been free on bail with an ankle monitor since his arrest in May 2018.