The payments, which must be approved by the bankruptcy and district courts, will resolve both the attorney general’s lawsuit and a separate class action in November 2017 brought on behalf of dozens of his alleged victims of sexual misconduct.
If agreed, the settlement will create a victim fund which allows all women who have been abused by Weinstein in certain circumstances to claim damages confidentially.
The 68-year-old man was convicted of sexual assault and rape in February and sentenced to 23 years in prison.
Formerly described as the most powerful man in Hollywood, his abuse of young actresses for many years was one of the main catalysts for the #MeToo movement.
The Attorney General’s lawsuit was originally brought against Weinstein, his brother Bob Weinstein and The Weinstein Company in February 2018 following a four-month investigation of the work culture at the Weinstein Company.
Responding to the settlement, Attorney General Letitia James said, “Harvey Weinstein and The Weinstein Company failed their employees. After all the harassment, threats and discrimination, these survivors finally receive justice.
“For more than two years, my office has worked tirelessly to see justice done for women whose lives have been turned upside down by Harvey Weinstein.
“This agreement is a victory for every woman who has experienced sexual harassment, discrimination, bullying or retaliation from her employer. I thank the courageous women who came forward to share their stories with my office.
“I will forever carry their stories to my heart and will never stop fighting for the right of everyone to be able to work without harassment.”
Lawyers representing six of the women who laid charges against Weinstein, however, called the proposed deal a “sale” that did not require him to accept responsibility or personally pay money.
The settlement is also considerably lower than what was claimed by the more than 30 women represented in the 2017 class action.
In addition to his current conviction in New York, Weinstein faces five other sexual assault charges in Los Angeles, although the extradition process has been delayed due to the impact of the coronavirus on the courts handling the documents .
And last month, a new complaint was filed, claiming that he had raped four other women, one of whom was only 17 at the time.