Some 10,000 people are involved in the settlement, estimated at $625 million, NY1.com reported. CNN reported the settlement, which Mayor Michael Bloomberg called "fair and just," was worth $712 million.
Lawyers for WTC Captive Insurance Co. said the settlement was approved by 95.1 percent of plaintiffs, including nearly all those with the most serious injuries. About 500 people opted out.
Payouts will depend on the severity of the injury.
The plaintiffs claimed the city failed to provide adequate protection to first responders who were exposed to toxic chemicals and dust at the site.
A bill pending in Congress would entitle those affected to federal compensation.