In 2018, five women accused James Franco of forcing them into sexual acts and pressuring them to be naked in front of the camera in connection with his acting training in Los Angeles and New York.
Two of the women then proceeded with lawsuits in October 2019.
The deal was completed in February this year, which the Hollywood Reporter first reported on.
On Wednesday, details of the case were released and now it is clear that the actor will pay 2.2 million dollars, or almost 19 million Swedish kronor, according to the BBC.
Shared between students
One of the women receives almost SEK 5.8 million ($ 670,500), of which SEK 1.9 million goes to legal costs.
The other woman receives SEK 1.9 million ($ 223,500), of which SEK 640,000 goes to legal costs.
The remaining SEK 11.5 million ($ 1.34 million) will be shared between the other students involved in the case, after legal fees have been deducted.
The deal also involves Franco's production company Rabbit bandini and his two business partners Vince Jolivette and Jay Davis.
"Continues to deny the allegations"
If a judge were to accept the settlement, all parties would make a joint statement, in which Franco would continue to deny the allegations, according to the BBC:
"While the defendants continue to deny the allegations, they hear that the plaintiffs have raised important issues;
and all parties are convinced that it is high time to focus on treating women in Hollywood badly. ”
James Franco's lawyers have previously claimed that the events never took place and described the accusations as "false and provocative".
The women's lawyer has said that Franco's efforts to position itself as a victim and to tarnish women's reputations are a "tactic commonly used by perpetrators".
James Franco was nominated for an Oscar for his role in 127 Hours (2011).
He has also starred in films such as The Interview, The Planet of the Apes and the Spider-Man films.