The settlement, first reported on Thursday by the Times, follows a high-profile campaign promise made by Mayor Bill de Blasio, who pledged to reach a "swift settlement" to right the wrongs of the conviction once he took office.
In 1989, the five men -- all of whom were between 14 to 16 years of age at the time of their convictions -- were charged with the brutal rape of 28-year-old investment banker Trisha Meili.
The arrests made national headlines and punctuated racial tensions in the nation's largest city.
But in 2002, a reopening of the case discovered DNA evidence found on the victim's clothing was linked to convicted serial rapist Matias Reyes, who later confessed to the assault.
The five men soon filed a $250 million lawsuit against the city for the wrongful conviction.
source: huffingtonpost.com By Inae Oh