Farrell sued Narain last summer, for allegedly planning to commercially release the 15 minute footage. The actor is also suing ICG, seeking general and compensatory damages, as well as an injunction prohibiting the promotion and sale of the tape.
On Sunday, the feuding pair and their lawyers spent five hours reaching a deal, but Farrell still intends to continue his legal action against ICG.
Narain's lawyer Leodis Matthews tells the New York Daily News, "It's an amicable settlement. We were able to completely resolve it. The terms are confidential."
Farrell's case against ICG is set for trial in Los Angeles on July 21.
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