The $100.4 million lawsuit comes nearly three years after Olivia Paregol's death.
The former president is earning $734k this year as an adviser to the USM chancellor.
Gov. Larry Hogan expressed hope that the settlement would bring “some measure of relief" to the family.
The announcement came on his first day on the job.
OUR VIEW: UMD says it stands with undocumented students, but it hasn't done enough to support them.
There will be reduced capacity in dorms, and courses with over 50 students will likely be held partially online.
OUR VIEW: This editorial board stands with the black community and with those protesting systemic racism.
Without an in-person graduation ceremony, some members of the class of 2020 found other ways to celebrate.
The statement comes as Prince George's County gears up to reopen on June 1.