The producer of award-winning films such as "The King's Speech", "Silver Linings Playbook" and "Shakespeare in Love" has admitted to wrongdoing and sought professional help, but has categorically denied any allegations of nonconsensual sex.
If finalized, it would allocate about $30 million to the plaintiffs, which include Weinstein's alleged victims, people formerly employed by Weinstein Co., and creditors who loaned money to the production company before it filed bankruptcy a year ago.
"For the first time, as of yesterday...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".
Representatives for Harvey Weinstein and Bob Weinstein did not immediately respond to a request for comment from TheWrap. The remaining $30 million will go to alleged victims, creditors and former employees of the Weinstein Co., a source with direct knowledge of the settlement tells CNN.
While Bob Weinstein said there was still "a lot of work" to do before any settlement could be finalized, he said he was "very optimistic".
In April, Weinstein's former companies and their officers and directors were dismissed from a federal lawsuit filed by 10 women who claim the firms and executives aided the alleged sexual misconduct that led to Weinstein's ouster from his namesake company.
Weinstein also is facing criminal charges in NY over multiple accusations of sexual assault and is now out on bail. The settlement wouldn't resolve his criminal case. His trial is scheduled to begin September 9.
Weinstein, who has been accused of sexual misconduct by almost 100 women, was arrested in May 2018, and subsequently released on $1 million bail.
The accusations gave rise to the #MeToo movement, in which hundreds of women have publicly accused powerful men in business, government and entertainment of sexual misconduct.