Sources: 'Central Park 5' reach $40 million settlement with New York City

NEW YORK (WABC) -- Sources tell Eyewitness News that the five men wrongly convicted of raping and beating a female jogger in Central Park, better known as the Central Park Five, have agreed to a settlement of about $40 million with New York City.

The deal still has to be approved by the comptroller and a federal judge.

The deal comes 12 years after a judge vacated the men's convictions when DNA and other evidence cleared them in the 1989 beating and rape of a 28-year-old investment banker who regularly jogged in the park.

The agreement would bring to an end a bitter legal battle and racial controversy over the crime.