"Everybody's glad for the sake and the benefit of the child that it's done," Pinault's lawyer David Aronson said outside the Manhattan Family Court.
Evangelista was set to take the stand to testify for a second day on Monday before the two parties settled.
The battle stemmed from how much Pinault, who is the chief executive of PPR, which owns Yves Saint Laurent and Gucci, should pay to support their 5-year-old son Augustin. Evangelista gave birth to the boy in 2006 after her four-month relationship with Pinault, who said he only spent seven days with mother and child.
Pinault legally recognised his paternity in 2007, which was revealed last year, and said that Evangelista made an unreasonable request for child support soon after. A counter-offer from Pinault was ignored for years, he says. Evangelista brought the issue to court in 2010.
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