"I look forward to the next chapter of my life with friends and family, and am happy to put this matter behind me," the 57-year-old supermodel shared on Instagram. "I am truly grateful for the support I have received from those who have reached out."
The news comes days after Evangelista debuted her new campaign for Fendi, the model's first gig since she opened up about the cosmetic nightmare.
In September, Evangelista filed a lawsuit against Zeltiq Aesthetics Inc., the company behind CoolSculpting technologies, for $50 million. She said she's been unable to work since undergoing seven sessions of the FDA-cleared procedure from August 2015 to February 2016. The model claimed she hadn't been made aware of certain risks of CoolSculpting, including Paradoxical Adipose Hyperplasia (PAH).
"PAH has not only destroyed my livelihood, it has sent me into a cycle of deep depression, profound sadness, and the lowest depths of self-loathing. In the process I have become a recluse," Evangelista revealed on social media.
Evangelista alleged Zeltiq's CoolSculpting procedure "did the opposite of what it promised" and "increased" fat cells. She said she was left "unrecognizable" despite "two painful, unsuccessful, corrective surgeries."
Evangelista did a photoshoot for People earlier this year and declared she was "done hiding."
"I loved being up on the catwalk. Now I dread running into someone I know," she told the magazine through tears. "I can't live like this anymore, in hiding and shame. I just couldn't live in this pain any longer."
Within three months of the CoolSculpting treatments, Evangelista started noticing bulges at her chin, thighs and bra area, the same areas she treated. She started excessively dieting and exercising.
"I tried to fix it myself, thinking I was doing something wrong," she told People. "I got to where I wasn't eating at all. I thought I was losing my mind."
Evangelista's doctor ultimately diagnosed her with PAH, a rare side effect that affects less than 1 percent of CoolSculpting patients.
"I hope I can shed myself of some of the shame and help other people who are in the same situation as me," she added. "That's my goal."
Settlement terms were not disclosed.