According to reports, the two parties faced each other in a court in San Jose, California, were conditions of the settlement were discussed.
Apple and Samsung Electronics have settled a seven-year patent dispute over Apple's allegations that Samsung violated its patents by "slavishly" copying the design of the iPhone.
Apple had been seeking more than one billion dollars (£760 million) in the latest trial while Samsung argued it should only pay 28 million dollars (£20 million).
Samsung paid $548 million of the $1.05 billion owed to Apple in 2015, but appealed all the way to the U.S. Supreme Court to reverse the $399 million decision. The decision cut Apple's original demands of $1 billion nearly by half but it is still way above what Samsung argued they should be paying.
As part of an earlier verdict, it was determined that Samsung infringed on three of Apple's iPhone design patents.
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An Apple statement in May said the company believes "deeply in the value of design, and our teams work tirelessly to create innovative products that delight our customers".
The dramatic turn of the lengthy legal battle came a month after retrial jurors in the Northern District of California handed Apple $538.6 million in damages for Samsung violating design and utility (technical) patents that included the infamous "rounded corner" patent.
Apple originally pursued to obstruct Samsung phones from the market, but the technology at debate has for a long time obsolete, and the battle since then has predominantly about money.
"We're grateful to the jury for their service and pleased they agree that Samsung should pay for copying our products", it added.
Neither Samsung nor Apple clarified what the terms of the settlement were.
The South Korean tech giant hasn't sold the phones in question in more than five years.