Schwimmer sued Aaron Tonken after he was quoted in the Los Angeles Times and National Enquirer as saying Schwimmer demanded two Rolex watches before he would agree to appear at a fundraiser, the Times reported.
Tonken issued an apology Friday saying, "I have no excuse and deeply regret making this untrue statement," the Times said.
Schwimmer also released a statement saying he "felt vindicated by the judgment."
Tonken pleaded guilty to defrauding contributors and underwriters of charity events in 2004 and was sentenced to five years in prison, the newspaper said.
2014: The Year in Music [PHOTOS]