Opening statements in Goodman's criminal trial are scheduled to begin soon, The Palm Beach Post reported. He faces up to 30 years in prison if he is convicted of DUI manslaughter.
Investigators say Goodman, founder of the Polo Club International Palm Beach, struck Scott Wilson's Hyundai after running a red light in February 2010 in Wellington, Fla. Goodman ran away, police said, while Wilson, 23, drowned in a canal.
Two hours later, Goodman's blood alcohol level was twice the legal limit, police said.
In their wrongful death suit, Lili and William Wilson asked for as much as $100 million. The size of the settlement has not been made public, ABC News reported.
In October, Goodman adopted Heather Hutchins, 42, in an apparent move to protect some of his assets from litigation. Hutchins could get $200 million from a Goodman family trust in the next 20 years.
Neither of Goodman's two biological children are 35, the age at which they would begin sharing in the trust.