The family of Jean Charles de Menezes revealed today they have agreed a compensation deal with the Metropolitan Police.
Relatives of the Brazilian have been locked in a legal battle with the force since he was shot dead at Stockwell Tube station on July 22 2005.
Mr Menezes, 27, was mistaken for failed suicide bomber Hussain Osman by members of the force's CO19 unit.
In a statement released today, his family said "all litigation" between them and Scotland Yard has been resolved.
The announcement followed speculation that the pay-out could be substantially lower than expected.
The Daily Mail claimed it may be around £100,000 because Mr de Menezes had no wife or children and came from a poor background.
In a joint statement released by the Met, the de Menezes family said the agreement will allow them to "move forward with their lives".
They said: "The Commissioner of Police of the Metropolis and representatives of the de Menezes family are pleased to announce that all litigation between them arising out of the tragic death of Jean Charles de Menezes has been resolved.
"The members of the family are pleased that a compensation package has been agreed which enables them to put these events behind them and move forward with their lives.
"In view of the physical and mental distress caused to the members of the family by these events and the understandable publicity and press interest, it has been agreed that it is in the best interests of the family that no further statement in relation to this settlement will be made either by them or the Commissioner.
"The Commissioner would like to take this opportunity of making a further unreserved apology to the family for the tragic death of Jean Charles de Menezes and to reiterate that he was a totally innocent victim and in no way to blame for his untimely death."
Mr de Menezes was shot dead two weeks after suicide bombers struck the London transport network, killing 52 people.
The shooting provoked a series of wide-ranging inquiries that hauled police tactics, supervision and individual decisions over the coals.
The Metropolitan Police was convicted of health and safety failures at the Old Bailey and fined £175,000 and ordered to pay £385,000 costs.
The conclusion of court proceedings opened the door for the publication of a critical Independent Police Complaints Commission (IPCC) report.
Coroner Sir Michael Wright recorded an open verdict at the end of a multi-million pound inquest last year.
A jury rejected the police account of the shooting at the end of the detailed three-month inquest.
One final technical legal action concerning the laws when someone is killed by representatives of the state remains outstanding at the European Court.
Earlier this year, Mr de Menezes' relatives unveiled a colourful mosaic picture of him outside Stockwell Tube station as a permanent memorial.
Several members of the de Menezes family remain in London, including cousins Vivian Figueiredo, Patricia da Silva Armani and Alex Pereira.Reuse content