News wires lit up Tuesday night with word of the settlement, but missing was how much.
Attorneys on both sides are now asking a federal to dismiss the case.
The story prompted a full retraction from Rolling Stone as well an independent investigation and review from the Columbia School of Journalism.
Another lawsuit against the magazine, waged by the fraternity, remains pending.
Last November, a jury awarded Eramo, the university's former dean of students, $3 million in the lawsuit.
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An investigation by The Washington Post showed that aspects of the account were not true. "It allows Nicole to move on and really focus on what she does best, which is help victims of sexual assault. i think she's thrilled to have this behind her", Libby Locke said".
UVA administrator Nicole Eramo filed notice late Tuesday in federal court in Virginia that she was dropping her lawsuit against Rolling Stone, the magazine's parent company Wenner Media, and reporter Sabrina Rubin Erdely.
The article was debunked and retracted, but Eramo sued, claiming defamation based on how she was portrayed in it. For example, no one in Phi Kappa Psi, the fraternity in question, matched the name or description that the young woman - known as Jackie - gave for the person who allegedly was the ringleader in her 2012 assault.
Tom Clare, one of the attorneys representing Eramo, said during his closing statement that his client had become "collateral damage in a quest for sensational journalism".
The magazine was moving toward an appeal when they chose to settle. The settlement contains a stipulation whereby the parties request the court retain jurisdiction in order to render a decision. That they weren't says alot about the shortcomings of our justice system.
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