Paul J. Browne, the Police Department’s chief spokesman, said the department could now proceed with its administrative case against the eight officers with some involvement in the episode. Mr. Browne had no comment on the settlement.

At the federal courthouse in Downtown Brooklyn, Ms. Bell, 26, emerged from a courtroom looking weary after two days of negotiations, arm in arm with Mr. Bell’s mother, Valerie. Ms. Bell said the settlement was fair but not a victory. “No amount of money can provide closure, no amount of money can make up for the pain,” she said. “We’ll just try to learn how to live with it and move on.”

The money will go to her two children with Mr. Bell, Jada, 7, and Jordyn, 4; she will not receive a share because she was not married to Mr. Bell (she took his name legally after his death). Ms. Bell promised to keep pushing for the passage of police reforms intended to prevent a similar episode.

Standing beside her, Mr. Guzman, 34, said he was sure that something similar would happen again. “I don’t think a black or Hispanic man’s life means much in this city,” he said.

Mr. Guzman had walked out of the courtroom with a noticeable limp. “My injuries are my injuries,” he said. “I’ve got a metal rod in my leg. I’ve got four bullets still in me. I’ve got one pushing out my back right now.”

Mr. Benefield, 26, was not present, but he is expected to join Ms. Bell and Mr. Guzman at a news conference Wednesday at the Brooklyn offices of one of their lawyers, Sanford A. Rubenstein. “It’s a fair and reasonable settlement,” Mr. Rubenstein said.

Michael A. Cardozo, the city’s corporation counsel, said: “The Sean Bell shooting highlighted the complexities our dedicated officers must face each day. The city regrets the loss of life in this tragic case, and we share our deepest condolences with the Bell family. The city is also settling claims with Mr. Guzman and Mr. Benefield. We hope that all parties can find some measure of closure by this settlement.”