The star filed the suit in Los Angeles Superior Court in March, claiming he was underpaid for his supporting role in the film as rancher Joe Aguirre.
Quaid alleged Focus Features duped him into deferring his normal payment for the film by touting the production as an independent art-house film that couldn't afford to pay actors their normal rate.
However, a Focus Features spokesperson is adamant no settlement has been agreed with the actor.
According to Quaid's representatives, the agreement was unofficial and the actor has requested the bonus be split among the cast members.
The Focus Features spokesperson says, "The circumstances of him dropping the suit are as mysterious as the circumstances under which he filed his claim.
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