Weinstein, 68, was sentenced to 23 years in prison last year after being convicted of rape and sexual assault.
Delaware Judge Mary Walrath on Monday agreed to the Weinstein Company’s liquidation plan, which sets aside the payment.
She overruled the objections of several of Weinstein’s victims who complained that the settlement prevented them from pursuing other legal claims.
The money will be split between 37 women, meaning they are each likely to receive six-figure sums.
Lawyers representing some victims had earlier denounced the proposed settlement as insufficient.
Eight accusers who rejected the settlement will be able to sue the ex-Hollywood mogul later.
Weinstein was found guilty in February 2020 of a criminal sexual act in the first degree and rape in the third degree in a landmark verdict for the #MeToo movement.
His sentence capped a remarkable downfall for the “Pulp Fiction” producer who was accused of years of vile predatory behavior by almost 90 women, including Angelina Jolie and Salma Hayek.
The Weinstein Company declared bankruptcy in March 2018 after the avalanche of claims. Lantern Capital, later renamed Spyglass Media Group, bought its assets for $289 million.
Weinstein is also awaiting trial in Los Angeles on rape and sexual assault charges involving five women.