The girl, now 18, was 15 when she attended a party at the actor's Malibu, California, home in January 2003, and because of her age, was found to be a victim of statutory rape.
Her parents sued the actor on her behalf in November 2004, alleging Nolte was liable for damages because his home has had "a long history of furnishing drugs and/or alcohol to minors."
A final status conference in the case was scheduled for Tuesday, but it was cancelled after a settlement notice was filed in a Santa Monica, California, court last Thursday.
The terms of the agreement were not available in the court records.
The actor was not home during the party, according to his publicist.
According to the civil suit, Nolte's son conspired with Woodring and another unnamed defendant to plan and execute the sexual assault.
The Noltes contend in their court papers that they were named as defendants in the lawsuit solely for "their given high profile, star power and deep pockets."
In January, the 64-year-old actor successfully completed his probation stemming from a 2002 no-contest plea to a misdemeanor count of driving under the influence of GHB.
Nolte was arrested in 2002 after driving erratically and claimed that he inadvertently consumed GHB in the course of taking a weight-lifting supplement.
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