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David Kohan and Jason 'Max' Mutchnick sued NBC in December 2003 for $55 million. NBC denied their claims and counter-sued.
The terms of Friday's settlement have not been released.
Kohan and Mutchnick's attorney Ronald Nessim says, "We are very satisfied with the settlement."
The agreement came a day after the foreman of the Los Angeles jury that heard the case was removed for failing to disclose he hosted a website which had been critical of NBC.
The jury had reached a verdict on Wednesday and Superior Court Judge Warren Ettinger had been due to unveil this verdict later this week.
However, as the case has now been settled, Ettinger no longer has to decide whether to order new deliberations with a new juror.
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