(CNN) Attorneys representing claims against Harvey Weinstein, his company and former associates have reached a $44 million settlement to resolve civil lawsuits over his alleged sexual misconduct.

The attorneys told a Delaware bankruptcy judge Thursday they have a deal that will be paid by insurance policies -- not the disgraced movie mogul.

It allocates about $14 million for legal fees to Weinstein associates who are named as defendants in the lawsuits. The remaining $30 million will go to alleged victims, creditors and former employees of the Weinstein Co., a source with direct knowledge of the settlement tells CNN.

"We now have an economic agreement in principle that's supported by the plaintiffs, the [New York Attorney General's office], the defendants and all the insurers, that if approved will provide significant compensation to victims, creditors of the estate, and allow the parties to avoid years of costly, time consuming, and, you know, uncertain litigation on all sides," Adam Harris, the attorney for Bob Weinstein, told Judge Mary Walrath of the US Bankruptcy Court in Wilmington.

Bob Weinstein is a co-founder of Weinstein Company and brother to Harvey Weinstein.

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