Kenneth Feld, chairman of Feld Entertainment -- which operates Ringling Bros. and Barnum & Bailey Circus -- said the settlement ends two lawsuits, CNN reported.
The ASPCA originally sued Feld, alleging mistreatment of elephants at Ringling Brothers and Barnum & Bailey Circus.
The company still has lawsuits outstanding involving the Humane Society of the United States, other animal advocacy groups and Tom Rider, a former circus employee.
"These defendants attempted to destroy our family-owned business with a hired plaintiff who made statements that the court did not believe," Feld said in a statement.
Ed Sayres, the president and chief executive officer of the ASPCA, said the organization decided to settle after more than a decade of legal fighting. In a statement, the organization said the court never found its charges, that elephants are abused at Ringling Bros., to be untrue.