A New York judge signed off on the final judgment on Monday. Details of the settlement have not been disclosed.
Holmes will be returning to Broadway this season in Dead Accounts, and previously starred on Broadway in All My Sons. Her many film and television credits include Batman Begins, The Ice Storm, Dawson's Creek and The Kennedys.
Cruise starred in the recent big screen film adaptation of the Broadway musical Rock of Ages. His additional screen work includes the Mission Impossible films, A Few Good Men, and Vanilla Sky, among others.