The City Comptroller on Thursday announced the approval of a settlement in the Central Park Five case.
Last week, the city reached a $40 million deal with the men wrongly convicted in the 1989 rape and beating of a female jogger.
The men were teenagers when four of them confessed on video but later said their statements were coerced.
All five served time in prison, but were cleared of any wrongdoing in 2002 after investigators found DNA evidence that showed another man was solely responsible for the crime.
City Comptroller Scott Stringer released a statement saying, "In my judgment, this settlement is a prudent and equitable solution for all parties to the lawsuit and closes a very difficult chapter in our City’s history."
The deal now has to be approved by a federal judge.