Any final settlement would need full approval of the court prior to public announcement.

This may be true, but what else would the court have to do/say besides.. 'Great, you've settled, case dismissed'

The court, pre MSJ, IMO wouldn't care if they settled for $1B or an old pair of tube socks.. as long as all parties agreed.

jmo.. this one is w/o attorney consultation..

as always correction welcomed