The university made the announcement this afternoon.

According to a press release issued by Duke, the terms of the settlement will not be disclosed.

In a statement, Duke officials said the board of trustees and Duke President Richard Brodhead had determined that it was in the best interests of the Duke community to eliminate the possibility of future litigation and move forward

"This past year has been hard for many people who care about Duke -- for students, faculty, staff, alumni, families and friends -- and for the three students and their families most of all," the Duke statement said. "We resolve to bring the Duke family together again, and to work to protect others from similar injustices in the criminal justice system in the future. "

The players, Dave Evans, Collin Finnerty and Reade Seligmann, also provided a statement.

"Years ago, each of us made a decision to attend Duke because it is one of the greatest universities in the nation," the players stated. "We were drawn to Duke because of its sense of community. The events of the last year tore the Duke community apart, and forcibly separated us from the university we love.

"It is impossible to fully describe what we, our families and team endured. As we said from day one, we are innocent. But it took three-hundred and ninety-four days, and the intervention of the North Carolina Attorney General, before our innocence was formally declared. ...We hope that today's resolution will begin to bring the Duke family back together again, and we look forward to working with the University to develop and implement initiatives that will prevent similar injustices and ensure that the lessons of the last year are never forgotten."