Legal Dictionary
Main Entry:
set·tle·mentFunction:
noun 1 : the act or process of settling
2 a : an agreement reducing or resolving differences;
especially : an agreement between litigants that concludes the litigation
settlement and a consent decree —W. J. Brennan, Junior> settlement prior to the divorce> b : a formal and permanent grant or conveyance c : the sum, estate, or income granted or paid under a settlement settlements —J. H. Friedenthal et al.>
3 : CLOSING <settlement costs>
4 : the transfer of funds between a payor bank and a collecting bank in order to complete transactions for customers
[set-l-muh
nt] 
